'Answer Me Truthfully': David Scott And Scott Bessent Have Tense Exchange At House Hearing

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At a House Financial Services Committee hearing on Wednesday, Rep. David Scott (D-GA) questioned Sec. Scott Bessent.

Transcript

00:00Secretary Bitson, let me ask you this.

00:04Do you agree that the FDIC plays a very essential role

00:09in safeguarding our depositors,

00:13ensuring prudent bank supervisors,

00:16and maintaining the safety and soundness of our financial system?

00:22Congressman, I agree that a well-functioning FDIC

00:25is essential to the U.S. financial system.

00:27And on Monday, you said this, and I quote,

00:32you said this, that the president tasked you

00:37with helping him choose the leader of the financial regulators

00:42so that we are all aligned, all regulators,

00:47to be safe, sound, and smart.

00:50And you went on to list the key positions that you've done that,

00:55including a new vice chairman for supervision of the Fed,

01:00a new head of the OCC,

01:03and Paul Atkins of the Securities and Exchange Commission,

01:08and a new CFTC commission.

01:11But as of this morning, we have no FDIC chairman full-time.

01:23It is now under temporary leadership of an acting chair named Travis Hill,

01:30with the president having no current plans

01:36to either formally nominate him or find a replacement.

01:42The nation is watching us.

01:46Why we don't have the head of the FDIC.

01:53So my question is, have you not helped President Trump

02:01in selecting a chairman to lead the FDIC?

02:08Congressman, I would point out that under the previous administration,

02:12there was only an acting chair of the OCC for five years.

02:17Five years.

02:17Mr. Hill is the acting, and as a matter of fact,

02:22the head of the OCC, the head of the CFTC,

02:27have not been confirmed, so those are, in fact, acting also.

02:31Mr. Hill is a very capable regulator,

02:34having been on the board of the FDIC.

02:36Yeah, I'm not.

02:37You're filibustering here.

02:39We are pursuing personnel decisions with all deliberate speed.

02:43Have you been instructed by President Trump

02:50to refrain from offering a list of viable candidates to lead the FDIC?

02:59No, sir.

03:00I am constantly reviewing the list

03:02and thinking who is best to lead that important institution.

03:05Well, I want you to know that I wrote a letter

03:09to the Trump administration.

03:12Here it is, expressing grave concern

03:16with the erosion of financial regulatory agency independence.

03:24And, Mr. Chairman, I'd like to submit this for the record.

03:28Without objection.

03:30And we remain highly alarmed

03:33by this growing perception that our financial regulators

03:39have acquiesced to political pressure

03:44from this administration,

03:47perhaps even from the President of the United States.

03:53If I were president, I wouldn't have this vacancy

03:59at a time when we're running tariffs all over the country,

04:05when our economy is in these kinds of difficulties.

04:12The nation is watching us.

04:15Russia is operating us.

04:17As the president is going around the country,

04:21dealing with upsetting Canada,

04:27places around the world.

04:31So, I just want to know that,

04:35where are we going?

04:36When are we going to have it, Chairman?

04:41Are we going to have it?

04:43And answer me truthfully.

04:46Has President Trump asked you

04:50to delay this appointment?

04:54And if so, why?

04:57Sir, that statement is incorrect.

05:02He has not asked me to delay that appointment.

05:04And I believe that your question is,

05:07when are we going to have an FDIC nominee?

05:10And we have OCC nominees.

05:13We have a CFTC nominee.

05:15We have a Vice Chair...

05:16The gentleman's time has expired.

05:18Mr. Chairman, I'm an anxious student.

05:20I would ask you to urge your Senate colleagues

05:22to, on the Democratic side, to vote for them.

05:25Thanks, Secretary.

05:26Well, when is he going to do it?

05:27Mr. Scott, your time has expired.

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