Regulators for Federal Reserve, credit union agency, up for consideration in pair of hearings July 21

A vote on recommending for confirmation two nominees to the Federal Reserve Board, and a hearing on the nomination of a member of the federal credit union regulator’s board, have been scheduled for next week by a Senate panel.

The Senate Banking Committee will meet July 21 to vote on the confirmation recommendations for Judy Shelton and Christopher Waller to open seats on the Federal Reserve Board. The meeting is set for 2 p.m.

Shelton and Waller were tapped for the nominations by the White House Jan. 16. A hearing for the two nominees was held Feb. 13. President Donald Trump had indicated his interest in nominating the pair more than a year ago.

If confirmed, Shelton would serve an unexpired term of 14 years from Feb. 1, 2010 (or until 2024). She would fill the seat vacated by former Chairman Janet L. Yellen, who resigned. Waller, if likewise confirmed, would serve the remainder of a 14-year term that began Feb. 1, 2016 (or until 2030). He would fill the seat vacated by former Board Member Sarah Bloom Raskin, who also resigned.

Shelton is a former executive director of the European Bank for Reconstruction and Development. She has also described herself as a “self-employed economist.” Waller is an economist and executive vice president and director of research at the Federal Reserve Bank of St. Louis.

Also on July 21 (at 10 a.m.), the Banking Committee will hold a hearing on the nomination of Kyle Hauptman to serve as a member of the National Credit Union Administration (NCUA) Board. The White House announced the president’s intention to nominate Hauptman to the position last month.

A Senate committee staff aide and former member of President Donald Trump’s 2016 presidential transition team, Hauptman would replace current NCUA Board Member (and former chairman) J. Mark McWatters. McWatters’ term on the board ended last August; he has been serving in a “holdover” status since then. If confirmed by the Senate, Hauptman would serve the remainder of a six-year term which ends in August 2024.

In announcing Hauptman’s nomination, the White House said he worked on Trump’s 2016 Presidential Transition Team and was a policy advisor for financial services for 2012 Republican presidential nominee Mitt Romney during that campaign (Romney is now a U.S. senator from Utah).

Hauptman holds a B.A. from the University of California, Los Angeles (UCLA) and an MBA from Columbia University, the White House said.

Senate Banking Committee Hearings, July 21

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