It has been a busy month on Capitol Hill as the new Congress was sworn in and has been working to organize the Committee Membership and holding nomination hearings on President Trump’s cabinet picks.

Scott Bessent Nomination for Treasury Secretary Hearing

On Thursday, January 16^th, the Senate Finance Committee held their nomination hearing for Scott Bessent to become the Treasury Secretary. During the hearing, Ranking Member Ron Wyden (D-OR) pointed to a number of concerns with Bessent’s nomination. He pressed Bessent on his Wall Street ties, how he has exploited tax loopholes in the past, and connection to special interests that look to empower themselves at the costs of Main Street Americans. Sen. Elizabeth Warren (D-MA), a member of the Finance Committee, also questioned Bessent on his history of advocacy of deregulation, tax cuts for the wealthy, and how he will approach the IRS. Scott Bessent was ultimately confirmed 68-29 to be the Treasury Secretary.

Banking and Financial Services Committees Officially Organize

The House Financial Services Committee held its organizational markup on January 22^nd and the Senate Banking held its markup on the following day. These hearings officially place Representatives and Senators on the Committee and Subcommittees, formally elect Subcommittee leadership, as well as discuss the agenda and oversight plan for the Congress. Senate Banking added a subcommittee focused on crypto, to match the House subcommittee established last Congress, and the House added a working group on monetary policy, which had been in the Financial Institutions Subcommittee’s jurisdiction.

Ranking Member Maxine Waters (D-CA) noted how the Financial Services Committee should be focused on the needs to Main Street and not cater to a financial system that benefits only Wall Street. She promised to continue using her position to create an economy that works for all Americans. Sen. Warren, Ranking Member of the Senate Banking Committee, released an op-ed which laid out her priorities as the top Democrat on the Committee and her focus on ‘derigging the economy.’

Better Markets looks forward to working with all of the Members of the Committees and across Capitol Hill to achieve these goals and create a strong financial system that works for all Americans.