Warren Delivers Remarks Ahead of Committee Votes on Re-authorizing TRIA, Nominees for CFPB Director and Commerce, HUD Roles

Warren Delivers Remarks Ahead of Committee Votes on Re-authorizing TRIA, Nominees for CFPB Director and Commerce, HUD Roles

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, delivered opening remarks ahead of committee votes on re-authorizing the Terrorism Risk Insurance Act (TRIA) Program as well as President Trump's nominations of Brian Johnson to be Director of the Consumer Financial Protection Bureau (CFPB), Abby Warren to be Commerce Assistant Secretary for Export Administration, Jeffrey Ledbetter to be Inspector General of the Department of Housing and Urban Development (HUD), and Irving Dennis to be HUD Chief Financial Officer.

Transcript of Ranking Member Warren's opening statement below:

Thank you, Mr. Chairman.

You're right - we are here on the 25th anniversary of 9/11; its memory will not be erased. Our job is to prepare for the worst, and we are here today to execute on that job by passing TRIA.

I want to start with the good news, and that is that we have broad bipartisan support in the Committee for reauthorizing the Terrorism Risk Insurance Program. I particularly want to thank Senator Smith and Senator Tillis, who have been leaders on TRIA for years and - along with Senator Gallego and Senator McCormick - have been focused on making sure it is extended this year.

TRIA is an important program that Congress created after 9/11 to protect real estate and commercial development amid ongoing terrorism risks - and it still works.

I'd like to see Congress take up some unfinished work, including reforms to address cyber risks, terrorism involving nuclear or biological weapons, and taxpayer protections.

But for now, I am happy to vote yes on the reauthorization, and I will work with my colleagues on those changes moving forward.

Now for the bad news: this Committee is moving forward with a partisan markup of a slate of Trump nominees, all of whom will make a bad economic situation worse.

Mr. Chairman, President Trump's second term has been a financial disaster for hard working American families. Inflation is up, interest rates are getting higher, and skyrocketing gas prices from Trump's foolish war in Iran are pushing families to the brink.

Meanwhile, Trump is running the most corrupt administration in this Nation's history. Trump and his family have made over a billion dollars on his crypto grift alone. And while he gets richer, families across this country are forced to pay for gas or buy groceries on credit because they don't have the money just to buy what they need.

We need a change of course; instead, we are getting a collection of Trump rubber stamps.

We have Abby Warren, who's been at the Commerce Department while the Trump Administration rolls back critical export controls, putting Big Tech profits ahead of America's national security.

We have two nominees for HUD: Irv Dennis for CFO - while HUD is worsening the housing crisis by freezing federal housing funds. And Jeffrey Ledbetter for HUD OIG - even though he lacks any relevant experience with housing and has failed to show that he has even a basic understanding of fair housing and civil rights laws.

And we have Brian Johnson, President Trump's nominee to be the Director of the CFPB.

The CFPB is supposed to be the financial cop on the beat to help families who are getting ripped off by their credit card companies, unfairly charged by their banks, or scammed by payday lenders.

But President Trump has all but shut down the entire financial police force, eliminating enforcement of the nation's consumer protection laws. This roll back has already cost Americans over $26 billion. That's painful for working families, but financial titans, massive corporations, and giant banks are smiling as they rake in the dough.

The CFPB under President Trump is one more example of Trump's policy agenda: higher costs for consumers, and corrupt giveaways to wealthy insiders.

And Mr. Johnson is a Capital One executive who has spent his entire career spinning through the revolving door. In fact, Mr. Johnson, who would be the main regulator over Capital One, was being paid by Capital One while he sat right in this room during his nomination hearing. Evidently, the plan is to stick to that same script: President Trump's agenda of the rich getting richer, and everyone else getting stuck with the bills.

It is irresponsible of Congress to advance Johnson or any other nominee who will be a rubber stamp for Trump's failed policies.

I'll be voting no on all four. Thank you Mr. Chairman.

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