Washington D.C. – U.S. Senator Katie Britt (R-Ala.) actively participated in a hearing held by the Banking, Housing, and Urban Affairs Committee. The hearing featured the Secretary of the Treasury, Janet Yellen, who presented the annual report to Congress as the Chair of the Financial Stability Oversight Council (FSOC).
Senator Britt initiated her line of questioning by expressing ongoing concerns about rulemaking proposals from various federal financial regulators, who are members of FSOC. She highlighted the potential adverse effects of these proposals on Main Street America. Secretary Yellen acknowledged the concerns but noted that FSOC was not presently evaluating the cumulative costs or risks of such rulemakings.
Shifting the focus, Senator Britt raised alarm regarding the Biden Administration’s sanctions enforcement policy. She specifically cited the atrocities committed by Hamas on October 7, 2023, and Iran’s ongoing financing of terrorist groups. Senator Britt criticized what she deemed a “too little, too late” approach from the Administration.
During the exchange, Senator Britt questioned Secretary Yellen about the strength of the U.S. banking sector. Yellen affirmed the sector’s overall strength but highlighted potential risks from factors like commercial real estate challenges due to the pandemic.
Senator Britt, as the Chair of FSOC, pressed Secretary Yellen on whether FSOC evaluates the potential risks posed by regulations and rules from agencies it oversees. Yellen clarified that FSOC’s primary focus is identifying vulnerabilities and threats to the financial system, rather than assessing the costs of regulatory actions on the financial sector.
The discussion then turned to U.S. sanctions on Iran, with Senator Britt expressing frustration about the Administration’s response to the October 7 attacks. Secretary Yellen asserted that the Treasury Department had been aware of Hamas’ financiers before the attack, and subsequent actions were taken.
Senator Britt concluded by emphasizing the need for a reevaluation of the Administration’s approach, particularly in the Middle East, expressing concern over American servicemembers’ safety and advocating for a strategy of maximum pressure on Iran.
The exchange between Senator Britt and Secretary Yellen during the hearing can be viewed here.
