The Senate Banking Committee on July 21 will hold a confirmation hearing for Kyle Hauptman, President Trump’s choice to replace J. Mark McWatters on the National Credit Union Administration board.
The panel will not vote on the nomination at that hearing. With the Senate only scheduled to be in session for 13 days between July 22 and Labor Day, it remains unclear how quickly the panel might clear the nomination and send it to the floor.
Hauptman is a known quantity for the Banking Committee. He serves as economic policy advisor for committee member Sen. Tom Cotton (R-Ark.).
Nonetheless, Hauptman, a vehement opponent of strict enforcement by the Consumer Financial Protection Bureau, is likely to face stiff questioning by committee Democrats, particularly from Sen. Elizabeth Warren (D-Mass.) who developed the concept of the CFPB.
He also may face questioning about Lehman Brothers, the financial giant blamed for the 2008 financial crash. Hauptman worked for more than four years as a fixed-income trader at Lehman.
Hauptman also served on 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.