WASHINGTON, D.C.—Phillip Basil, Director of Economic Growth and Financial Stability at Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Key Questions That the Senate Should Ask Trump’s FDIC Chairman Nominee Travis Hill,” ahead of tomorrow’s United States Senate Committee on Banking, Housing, and Urban Affairs hearing:
“For more than 90 years, the Federal Deposit Insurance Corporation (FDIC) has been the gold standard in protecting Americans’ savings, the banking system, and the economy from banking crashes. That’s because it has consistently prioritized its mission of protecting consumers’ money and safeguarding nearly 4,000 banks that are vital to every city and town across America.
“The American people deserve an FDIC Chairman who is committed to making fact-driven, unbiased policy decisions that protect the best interests of American families and businesses while also safeguarding the safety, soundness, and stability of the banking system.
“Travis Hill has done the opposite, implementing a deregulatory agenda that stacks the deck in favor of Wall Street banks at the expense of consumers and financial stability. Since becoming Acting Chairman in January 2025, Hill has ignored public comments that disagree with the Trump Administration’s agenda, held secret Board meetings with no public notice or discussions open to the public, and even undermined his own FDIC staff and bank supervisors by calling into question their judgment. At all turns, he has sided with the banking industry. At the same time, he has worked to erode the bank capital cushion that protects against bank failures and taxpayer bailouts and rescinded rules that protect consumers. Any one of these actions would be cause for concern from the Senate Banking Committee, but taken together, they are disqualifying.”
“The American people rely on their Senators to represent them and Main Street’s interests, so we urge them to do just that at today’s hearing.”
Better Markets’ fact sheet and suggested questions are available here.
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
