U.S. Senator Katie Britt Highlights Affordability Focus, Taxpayer-Funded Housing Oversight, Safe Financial Innovation in Senate Banking Nomination Hearing

WASHINGTON, D.C. — U.S. Senator Katie Britt (R-Ala.), a member of the Senate Banking Committee and Chair of the Housing, Transportation, and Community Development Subcommittee, attended a nomination hearing to question Mr. John Crews, nominee to the National Credit Union Administration (NCUA), Dr. Christopher Phelan, nominee to Chair the Council of Economic Advisors, and Mr. Jeffrey Ledbetter to serve as Inspector General of the Department of Housing and Urban Development (HUD). Senator Britt addressed her first question to Mr. Crews: “As financial services continue to evolve and credit unions are adopting new technologies to make sure that they’re meeting their customers’ needs, expanding their digital offerings, and serving increasingly diverse communities in different places, how are you going to make sure that you keep them safe … that you’re giving them the most up to date technology that allows them to meet the needs in front of them, but that we’re doing it in a way that it remains safe and sound and well positioned for the future?” Mr. Crews responded: “I think you’re absolutely right to highlight this issue. Consumers expect and need new and innovative financial services products, including new technology. When it comes to credit unions, many of them are uniquely small and have limited resources. And because of that, they often work together to access some of these services. From my perspective, at NCUA, we need to support their efforts to … adapt with technological innovation. But absolutely, that is a risk factor. Cyber risk is a serious threat.” The Senator then questioned Mr. Ledbetter on efforts to root out waste, fraud, and abuse in taxpayer-funded housing assistance programs: “HUD administers billions of dollars … across housing assistance and community development homelessness programs. I certainly believe in being able to help people get back on their feet and find their pathway to the American Dream. What we have seen, though, has been a lot of bloat in certain areas with inefficiencies. Look, if you’re confirmed as inspector general, what would your priorities be for ensuring that these taxpayer dollars that people work really hard for are being used wisely and efficiently, that we are rooting out where there is waste, fraud, and abuse, so that the people who do need help, we still have the resources to be able to do that?” Mr. Ledbetter responded, saying, “If confirmed, I would look forward to first meeting with the professional staff at HUD and learning the people and the programs and continuing the good work that they’ve been doing. And then once I … accomplish the first 90 to 180 days, if there’s room for improvement that, those are the things we will look at …” In her last line of questioning, Senator Britt discussed her priority of addressing affordability concerns with Dr. Phelan: “… [F]amilies across Alabama and our country … continue to cite affordability as obviously one of the top concerns, whether that’s housing or whether that’s childcare or groceries or energy costs. What are the most important factors driving affordability challenges today, in your opinion, and what policies do you believe can expand economic opportunity for citizens and improve (the) standard of living for people in the state of Alabama?” Mr. Phelan responded, “I firmly believe that the best policy for affordability is a good job. A good job with good wages and good benefits, and I would … advocate for policies or advise policies which make that most likely to happen.” You can watch the Senator’s full remarks here . ###