AISenate Banking markup and hearing on economic and financial regulator nominees

Digital Assets and Bank RegulationSenate Banking, Housing, and Urban Affairs · July 23, 2026 · 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 at▶ 0:26:28

Who spoke

• Chair Rick Scott (R-SC)▶ 0:26:28: Opened the executive session praising Phelan and Crews' qualifications▶ 0:26:28, later chaired contested roll call votes on both nominees▶ 1:25:01▶ 1:27:03, and opened the afternoon hearing swearing in Johnson, Warren, and Dennis▶ 1:29:40.

• Sen. Elizabeth Warren (D-MA), Ranking Member▶ 0:27:46: Raised concerns about incomplete FBI background investigations and urged delaying the markup▶ 0:28:17; later gave a lengthy opening statement calling Trump's second term "a failure," citing $26 billion in consumer harm under acting CFPB director Russ Vought▶ 1:38:05 and a dropped $2 billion enforcement case against Capital One, Johnson's employer▶ 1:39:52; in Q&A pressed Johnson on whether he'd notify Congress of White House contacts about enforcement actions▶ 2:08:40 and on cuts from 350 to 77 CFPB examiners▶ 2:10:46.

• 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 Act▶ 1:42:08.

• Mr. Irving Dennis, HUD CFO nominee▶ 1:45:04: Testified on his prior HUD tenure achieving a clean audit opinion in 2020▶ 1:47:24; described a new AI-based recipient database tracking $77 billion in annual grantee spending▶ 2:03:35; 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 CFO▶ 1:57:26▶ 2:24:29.

• Ms. Abby Warren, Commerce nominee▶ 1:49:42: Outlined her background at BIS and pledged to enforce export-control statutes on advanced technology▶ 1:52:41; told Sen. Cortez Masto BIS staff continuously monitor whether controls on advanced semiconductors need updating▶ 2:00:47; told Sen. Van Hollen she was unaware of the $500 million G42/World Liberty Financial transaction before the rule change▶ 2:22:18.

• Mr. Brian Johnson, CFPB Director nominee▶ 1:53:08: Laid out three priorities — protecting consumers, ensuring CFPB acts within statutory limits, and modernizing operations▶ 1:55:52; repeatedly declined to say whether he supports eliminating the CFPB▶ 2:26:06 or commit to notifying Congress about political interference▶ 2:09:57; confirmed he still works for and is paid by Capital One while testifying▶ 2:11:49.

• 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 goal▶ 2:04:20; questioned Johnson about auto lender Carvana's near-100% credit approval rate▶ 2:06:42; asked Johnson under oath whether he'd ever committed a felony▶ 2:12:43.

• Sen. Catherine Cortez Masto (D-NV)▶ 1:56:28: Pressed Dennis on delayed HUD Continuum of Care grant funds for Nevada's homeless alliance▶ 1:57:02; asked Johnson to commit to restoring the Office of Servicemember Affairs▶ 2:01:36.

• 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 view▶ 2:15:08; 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 closed▶ 2:17:16.

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

• 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 enforcers▶ 2:24:44; repeatedly asked Johnson to answer yes/no whether he favors eliminating the CFPB▶ 2:26:06▶ 2:26:37.

• Sen. Ruben Gallego (D-AZ)▶ 2:28:55: Questioned Dennis on federal spending on a White House ballroom and building renovations▶ 2:29:07; pressed Johnson on his relationship with Russ Vought, asking him to name any disagreement with Vought▶ 2:31:03▶ 2:31:09; questioned Johnson on Dodd-Frank-mandated offices for older Americans and military affairs facing understaffing▶ 2:32:56.

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 nays▶ 1:26:48 and Crews was approved on a voice vote after Warren registered "no by proxy" for five members▶ 1:28:33.

• 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 corporations▶ 2:07:51▶ 2:08:21.

• 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 meeting▶ 2:15:08.

• 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 confirmed▶ 2:11:49▶ 2:11:58.

• 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 objections▶ 2:21:47▶ 2:22:56.

• 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"▶ 2:18:42▶ 2:26:06.

• 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 fraud▶ 2:04:20▶ 2:04:40.

• 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 dollars▶ 2:24:44▶ 2:25:10.

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
DateJuly 23, 2026
TypeOpen Business Meeting
Witnesses
(none listed in event metadata)
Videosenate-isvp
Transcript258 caption blocks · 10,116 words · 2:34:48 runtime
EventCongress.gov 338680