Senate Banking Panel Advances FDIC Acting Chair Travis Hill's Nomination for Full Senate Vote
The Senate Banking Committee has advanced the nomination of Travis Hill, the Federal Deposit Insurance Corporation's (FDIC) acting chair, to the full Senate with a 13-11 party-line vote.
If confirmed, Hill would become the FDIC's permanent head, marking a significant leadership change at the agency amid the administration's first year without a permanent chairman.
Hill has positioned himself as a crypto-friendly regulator during his interim tenure. He reversed previous guidance that made it difficult for bankers to engage with cryptocurrency businesses and supported pro-crypto policies.
Notably, Hill aided Coinbase's effort to disclose FDIC-bank communications related to blocking digital assets, reflecting his stance on addressing the 'debanking' controversy where banks had been pressured to cut ties with crypto firms. Hill has acknowledged this issue and is actively seeking to reverse it.
Senate Banking Committee Chair Tim Scott endorsed Hill as more than qualified for the role. However, Ranking Democrat Elizabeth Warren criticized Hill for failing to provide requested information concerning internal efforts to address workplace conduct and culture.
Hill's confirmation moves forward as other major financial regulatory agencies, like the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC), also experience leadership changes and confirmation processes.
