Chairman Tim Scott Leads a Banking Committee Executive Session

Good morning. I call this executive session to order. Today we will consider the nominations of Dr. Christopher Phelan and Mr. John Cruz. I want to thank each nominee for their willingness to serve our country and for appearing before this committee. At our hearing, we heard about their experience, their judgment, their commitment to the American people. President Trump was elected to bring down costs, restore accountability, and put common sense back at the center of government. To do that, he needs qualified leaders in place. Dr. Phelan understands that economic policy is not an academic exercise. It affects jobs, wages, investment, growth, and whether families in South Carolina and around the country will have a fair shot at opportunity. Mr. Cruz understands the importance of a safe, sound, and competitive credit union system. Credit unions help families, workers, and small businesses save, borrow, grow, and handle the unexpected costs that life throws their way. They should be judged on their qualifications, experience, and commitment to serving the American people. I urge my colleagues to support these qualified nominees, and I look forward to moving them forward. Senator Warren. Thank you, Mr. Chairman, and before I get into my opening, I want to raise a concern that you and I had a chance to discuss last night. We have both been briefed on the FBI background investigations for the nominees that we are scheduled to vote on this morning, and I appreciate you're always talking these issues through, even sometimes very late at night. I'm not going to get into the details, given the limitations and the rules on what can be discussed in public session. But the briefing left me with some significant questions that have not yet been answered. We should put off this markup until we have confidence that the FBI has run down all the answers. All of our colleagues on this committee, Democrats and Republicans, have a right to be fully up to speed, fully informed on these issues before being asked to vote for or against nominees. We have a job to do here. The Constitution gives us the power of advice and consent. Because we are limited in what we can say publicly, Mr. Chairman, I move that we go to closed session. Is there a second? There's a second. At this time, we'll ask the room to be cleared. The clerk will call the roll. Is this on my motion? Yes. Right. Well, this is the government. This is my motion to go into closed session. So if we want to have a conversation, the vote is yours. If you don't want to have a conversation, maybe we can do that in open session. And then we'll have a vote. Yeah. We have to get back in open session before we vote on her motion. Yeah. Can I ask you to take a vote in open session and then vote on her motion? Okay. So this will be a vote on her motion? Yes. Okay. So it's now time. Just for clarity's sake, watching CCM's face over there, she's like, what? For clarity's sake, we are now back in open session. We are now going to have a vote to go back into closed session. My understanding is, in order to have a prevailing vote, you must be present. The majority has to be present. You can't win a vote by proxy. Does that hold for a matter voted out of committee? Not internally? Okay. Thank you. Mr. Chairman, can I ask a point of order? This was a decision that was made five minutes ago. I'm just curious how all these proxies came in. Do you have a vote? I have a proxy with my members. So they knew there was going to be a vote? My members have given me a vote. For anything? I'm just asking a point of order. I have specific proxies. Thank you. Okay. Have they been shared with the clerk? Yes. The proxies? Yes. Good job. The vote is 12 ayes and 10 nays. We will go back into executive session. Closed session. So, unfortunately, we'll see you in a few minutes. We call this executive session back to order. Thank you. And we will first vote on the nomination of Dr. Christopher Phelan. I move to a roll call vote on Dr. Christopher Phelan to be the chairman of the Council of Economic Advisors. The clerk will call the roll. Yes. That's the answer. Call the roll. Aye. Mr. Crapo? Aye. Mr. Rounds? Aye. Mr. Tillis? Aye. Mr. Leary? Mr. Rizzo? Aye. Mr. Hagerty? Aye. Ms. Lomas? Aye. Ms. Britt? Aye, by proxy. Mr. Ricketts? Mr. Banks? Mr. Kramer? Aye. Mr. Moreno? Mr. McCormick? Ms. Warren? No. Mr. Reed? No. Mr. Warner? No, by proxy. Mr. Van Hollen? No, by proxy. Ms. Cortes-Masto? Ms. Smith? No, by proxy. proxy. Mr. Warnock? No by proxy. Mr. Kim? Mr. Gallego? No by proxy. Ms. Blanchett, Rochester? Ms. Alsobrooks? No by proxy. I have 13 ayes, 11 nays. Thank you. The ayes have it. The nomination is hereby ordered to be reported favorably to the full Senate. Next we will consider Dr. Mr. John Cruz. I move to a roll call vote on Mr. John Cruz to be a member of the National Credit Union Association Board. The clerk will call the roll. Mr. Chairman? Aye. Mr. Crapo? Aye. Mr. Rounds? Aye. Mr. Tillis? Aye. Mr. Kennedy? Mr. Haggerty? Haggerty's aye. Ms. Lummis? Aye. Mrs. Britt? Aye by proxy. Mr. Ricketts? Mr. Banks? Mr. Kramer? Mr. Moreno? Mr. McCormick? Ms. Warren? No. Mr. Reed? No. Mr. Warner? No by proxy. Mr. Van Hollen? No by proxy. Ms. Cortez-Masto? Ms. Smith? No by proxy. Mr. Warnock? No by proxy. Mr. Kim? Mr. Gallego? No by proxy. Ms. Blanchett, Rochester? Ms. Alsobrooks? No by proxy. I have 13 ayes, 11 nays. The ayes have it. The nomination is hereby ordered to be reported favorably to the full Senate. Are there any members that would like to make any statements? Without further statements, the executive session is now adjourned.