Senate Banking Committee Recommends Hauptman Confirmation for NCUA Board

The Senate Banking Committee on Tuesday recommended that the full Senate confirm Kyle Hauptman as a member of the NCUA board.

If confirmed by the Senate, Hauptman, a Republican, would replace J. Mark McWatters, also a Republican.

The Senate Banking Committee recommended Hauptman’s confirmation by voice vote.

During the short meeting, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is worried that Hauptman lacks experience with credit unions. “I am concerned about Mr. Hauptman’s experience and qualifications to be one of the top regulators of credit unions in this country,” he said.

He added, “If his previous work and positions are any indication, he will be another advocate for rolling back important financial safeguards – another voice for the powerful and the privileged, who have more than their share of influence already.”

Brown said that Hauptman has not provided the committee with any details about the types of policies he will advocate as a member of the board.

No other senator gave substantive comments on the nomination.

Hauptman is Sen. Tom Cotton’s (R-Ark.) economic policy advisor and staff director of the Senate’s Economic Policy Subcommittee. Hauptman is a former trader at Lehman Brothers, working there as it collapsed.

Prior to working for Cotton, Hauptman served on President Trump’s 2016 presidential transition team and was Sen. Mitt Romney’s (R-Utah) financial services policy advisor when Romney was the GOP presidential nominee in 2012.

From 2015 to 2016, Hauptman served on the SEC’s Advisory Committee for Small and Emerging Companies. Hauptman was a fixed-income trader in Tokyo, New York City, and Sydney, Australia. He earned his MBA from Columbia University and his B.A. from UCLA.

It is unclear when the full Senate will consider the Hauptman nomination.

Related:

NCUA Nominee Hauptman: An Aggressive Dodd-Frank Opponent

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