U.S. Rep. French Hill (R-AR) and U.S. Senator Tim Scott (R-SC) are urging the Treasury Secretary to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System.
In a letter to Treasury Secretary Scott Bessent, Hill and Scott laid out their reasons for moving quickly to fill the vacancy.
“We respectfully request that you fill the role of VCS with a strong leader as soon as possible to ensure that the important tasks of (i) unwinding the politicized regulations promulgated by the Board during the Biden administration, (ii) ensuring that there is accountability at the Board, and (iii) right-sizing the regulatory and supervisory work of the Board are not delayed…Past gaps and poor leadership within the VCS role on the Board’s Committee on Supervision and Regulation has led to disfunction at the Board and contributed to the second, third, and fourth largest bank failures in our nation’s history. Only a VCS empowered in that position can effect necessary changes at the Board as quickly as is possible,” they wrote.
Hill is the chairman of the House Financial Services Committee while Scott chairs the Senate Banking Committee.
“Past gaps and poor leadership within the VCS role on the Board’s Committee on Supervision and Regulation has led to disfunction at the Board and contributed to the second, third, and fourth largest bank failures in our nation’s history. Only a VCS empowered in that position can effect necessary changes at the Board as quickly as is possible,” they added. “Swift action to fill the role of Vice Chair for Supervision is vital to our shared goals to foster a prosperous U.S. economy and engage in meaningful regulatory review.”
The letter was also signed by several Republicans on the House Financial Services Committee, as well as several Senate Banking Committee Republicans.