AISenate Banking markup and hearing on economic and financial regulator nominees

Digital Assets and Bank RegulationSenate Banking, Housing, and Urban Affairs · 2026-07-23 · 119th Congress
The Senate Banking, Housing, and Urban Affairs Committee met to vote on the nominations of Christopher Phelan (Council of Economic Advisers) and John Crews (National Credit Union Administration Board), then immediately opened a hearing on three further nominees: Brian Johnson (CFPB Director), Abby Warren (Assistant Secretary of Commerce), and Irving Dennis (HUD Chief Financial Officer). Begins at 0:26:28
Transcript
Highlights

Title

Senate Banking markup and hearing on economic and financial regulator nominees

Purpose

The Senate Banking, Housing, and Urban Affairs Committee met to vote on the nominations of Christopher Phelan (Council of Economic Advisers) and John Crews (National Credit Union Administration Board), then immediately opened a hearing on three further nominees: Brian Johnson (CFPB Director), Abby Warren (Assistant Secretary of Commerce), and Irving Dennis (HUD Chief Financial Officer). The executive session was interrupted by a dispute over proxy votes that sent the committee back into closed session before returning to complete the roll calls. Begins at0:26:28

Who spoke

Chair Rick Scott (R-SC)0:26:28: Opened the executive session praising Phelan and Crews' qualifications0:26:28, later chaired contested roll call votes on both nominees1:25:011:27:03, and opened the afternoon hearing swearing in Johnson, Warren, and Dennis1:29:40.

Sen. Elizabeth Warren (D-MA), Ranking Member0:27:46: Raised concerns about incomplete FBI background investigations and urged delaying the markup0:28:17; later gave a lengthy opening statement calling Trump's second term "a failure," citing $26 billion in consumer harm under acting CFPB director Russ Vought1:38:05 and a dropped $2 billion enforcement case against Capital One, Johnson's employer1:39:52; in Q&A pressed Johnson on whether he'd notify Congress of White House contacts about enforcement actions2:08:40 and on cuts from 350 to 77 CFPB examiners2:10:46.

Sen. Ted Cruz (R-TX)1:41:40: Introduced Abby Warren, describing her work as his chief counsel for oversight and her role drafting the TERMS Act1:42:08.

Mr. Irving Dennis, HUD CFO nominee1:45:04: Testified on his prior HUD tenure achieving a clean audit opinion in 20201:47:24; described a new AI-based recipient database tracking $77 billion in annual grantee spending2:03:35; under questioning from Sen. Cortez Masto and Sen. Warnock, repeatedly said disbursement timing and fair-housing-grant allocation decisions belong to program offices, not the CFO1:57:262:24:29.

Ms. Abby Warren, Commerce nominee1:49:42: Outlined her background at BIS and pledged to enforce export-control statutes on advanced technology1:52:41; told Sen. Cortez Masto BIS staff continuously monitor whether controls on advanced semiconductors need updating2:00:47; told Sen. Van Hollen she was unaware of the $500 million G42/World Liberty Financial transaction before the rule change2:22:18.

Mr. Brian Johnson, CFPB Director nominee1:53:08: Laid out three priorities — protecting consumers, ensuring CFPB acts within statutory limits, and modernizing operations1:55:52; repeatedly declined to say whether he supports eliminating the CFPB2:26:06 or commit to notifying Congress about political interference2:09:57; confirmed he still works for and is paid by Capital One while testifying2:11:49.

Sen. Bernie Moreno (R-OH)1:56:28: Pressed Dennis on improper payment rates, citing a $5.8 billion improper-payment figure and asking whether zero fraud should be the goal2:04:20; questioned Johnson about auto lender Carvana's near-100% credit approval rate2:06:42; asked Johnson under oath whether he'd ever committed a felony2:12:43.

Sen. Catherine Cortez Masto (D-NV)1:56:28: Pressed Dennis on delayed HUD Continuum of Care grant funds for Nevada's homeless alliance1:57:02; asked Johnson to commit to restoring the Office of Servicemember Affairs2:01:36.

Sen. Jack Reed (D-RI)2:14:21: Challenged Johnson on a prior claim that CFPB lacks authority to supervise lenders under the Military Lending Act, entering a 2019 letter into the record contradicting that view2:15:08; pressed Warren on a CNBC report that Commerce allowed Chinese-owned firms to import advanced Nvidia/AMD chips for nearly a year before a loophole was closed2:17:16.

Sen. Chris Van Hollen (D-MD)2:18:21: Asked Johnson directly whether he wants to eliminate the CFPB2:18:42; questioned Warren about the administration's decision to loosen export restrictions to UAE firm G42 despite career-staff national security warnings2:21:08.

Sen. Raphael Warnock (D-GA)2:23:39: Said HUD is reserving zero dollars from an $83 million Fair Housing Initiative fund for experienced nonprofit fair-housing enforcers2:24:44; repeatedly asked Johnson to answer yes/no whether he favors eliminating the CFPB2:26:062:26:37.

Sen. Ruben Gallego (D-AZ)2:28:55: Questioned Dennis on federal spending on a White House ballroom and building renovations2:29:07; pressed Johnson on his relationship with Russ Vought, asking him to name any disagreement with Vought2:31:032:31:09; questioned Johnson on Dodd-Frank-mandated offices for older Americans and military affairs facing understaffing2:32:56.

Key moments

The executive session was abruptly interrupted by a dispute over last-minute Democratic proxy votes; the committee voted 12–11 to return to closed session before Chair Scott adjourned it, "unfortunately I will see you in a few minutes"0:50:11.

On the reconvened roll call, Phelan was confirmed 13 ayes to 11 nays1:26:48 and Crews was approved on a voice vote after Warren registered "no by proxy" for five members1:28:33.

Warren said the CFPB dropped a $2 billion enforcement action against Capital One about a month after the company donated $1 million to Trump's inauguration, one of 42 dropped cases against banks and corporations2:07:512:08:21.

Sen. Reed entered into the record a 2019 letter from an acting CFPB director stating the agency does have authority to supervise Military Lending Act compliance, directly contradicting a position Johnson reportedly gave Reed in a private meeting2:15:08.

Johnson confirmed he currently draws a paycheck from Capital One while testifying and that the company is allowing him to keep an unearned bonus if confirmed2:11:492:11:58.

Van Hollen highlighted that G42's chairman, a member of the Emirati royal family, invested $500 million in the Trump family's World Liberty Financial crypto venture days before the inauguration and $2 billion more afterward, shortly before the administration eased export restrictions to G42 over career-staff objections2:21:472:22:56.

Johnson declined multiple times, across questions from Warren, Van Hollen, and Warnock, to say whether he supports eliminating the CFPB, instead citing his advocacy for "legislative restructuring"2:18:422:26:06.

Dennis said HUD's own analysis found roughly 26% improper payment rates and $5.8 billion in questionable payments in fiscal 2024, though he stressed not all were fraud2:04:202:04:40.

Gallego asked Johnson to name one thing he ever disagreed with acting CFPB Director Russ Vought on; Johnson answered "none come to mind"2:31:14.

Warnock said HUD's newly announced $83 million Fair Housing Initiative program disqualifies prior recipients, meaning experienced fair-housing nonprofits — which handle nearly three in four fair-housing complaints — will receive zero dollars2:24:442:25:10.

Metadata

Official titleBusiness meeting to consider the nominations of Christopher Phelan, of Minnesota, to be Chairman of the Council of Economic Advisers, John Crews, of Virginia, to be a Member of the National Credit Union Administration Board, and Jeffrey Ledbetter, of Virginia, to be Inspector General, Department of Housing and Urban Development; to be immediately followed by an opening hearing to examine the nominations of Brian Johnson, of Ohio, to be Director, Bureau of Consumer Financial Protection, Abby Warren, of Virginia, to be an Assistant Secretary of Commerce, and Irving Dennis, of Ohio, to be Chief Financial Officer, Department of Housing and Urban Development.
CommitteeSenate Banking, Housing, and Urban Affairs
Chamber / CongressSenate · 119th Congress
Date2026-07-23
TypeOpen Business Meeting
Witnesses
(none listed in event metadata)
Videosenate-isvp
Transcript258 caption blocks · 10,116 words · 2:34:48 runtime
EventCongress.gov 338680