McWatters Vote in Senate Pipeline
NCUA board nominee Mark McWatters could be confirmed next week.
Senate Minority Leader Mitch McConnell (R-Ky.) and Senate Majority Leader Harry Reid (D-Nev.) agreed late Thursday to a full Senate vote on McWatters and three other nominees in the near future, according to Capitol Hill and NCUA sources.
McWatters was nominated by President Obama in January to succeed NCUA Board Member Michael Fryzel, a Republican whose term expired in August of last year. If confirmed, McWatters’ term will expire on Aug. 2, 2019.
The Senate Banking, Housing and Urban Affairs committee approved his nomination in April of this year.
“Lawyers and regulators need to take a step back and apply the law with impartiality and look at the larger picture. They need to think both tactically and strategically, considering not just the desired outcome, but potential unintended consequences,” McWatters said in his confirmation hearing.
“As such, my focus as a regulator will remain straightforward: Don’t neglect the fundamentals of capital, liquidity, and transparency, and always remember that the greatest threat to a financial system may reside where you least expect it — hidden within plain view,” he added.
Dr. Stanley Fischer, vice chairman of the Federal Reserve, the Honorable Jerome H. Powell and the Honorable Lael Brainard, appeared at the same confirmation hearing with McWatters. They were each confirmed by the Senate as members of the Federal Reserve on Thursday.