Senate banking panel advances Trump's FDIC pick Travis Hill as agency shifts its crypto approach
Quick Take Travis Hill is currently acting chair of the FDIC, which is tasked with insuring bank deposits. In October, Republican Sen. Kennedy threatened not to confirm Hill — airing frustration about not seeing progress at the FDIC following an investigation that found continued discrimination at the agency. Next, the full Senate will vote on his nomination.
President Donald Trump's pick to lead the Federal Deposit Insurance Corporation is headed to a full Senate vote after lawmakers voted to push through Travis Hill's nomination.
The Senate Banking Committee voted 13-11 on Wednesday to have Travis Hill chair the FDIC. Next, the full Senate will vote on his nomination.
Hill is currently acting chair of the FDIC, which is tasked with insuring bank deposits. All 13 Republicans on the committee voted for his nomination, while all 11 Democrats on the committee voted no.
Over the past year, Hill has said the agency is "actively working on a new direction on digital assets policy." In particular, he has focused on reputational risk and has said that banking regulators should not use reputational risks as a way for "supervisory criticisms." In March, the FDIC took steps to put an end to "reputational risk" following criticism from some in the crypto industry who say they have been blocked from key financial services.
In an earlier hearing in October, Hill got some heat from Sen. John Kennedy, R-La., when he asked about former FDIC Chair Martin Gruenberg. Gruenberg announced plans to step down last year following the release of an independent investigation that found continued discrimination, bullying, and sexual harassment at the agency.
Kennedy said he had not heard from Hill about next steps and asked Hill to send a report about what's been done at the FDIC since. Hill said he would.
"You better, because I'm going to tell you, I'm not sure I'm going to vote for you," Kennedy said at the time.
Kennedy later said he would confirm Hill after receiving the report and said he was satisfied with the agency's progress.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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