Why it Matters

The Senate Banking, Housing, and Urban Affairs Committee held a nomination hearing Oct. 1 for four Trump administration nominees spanning Treasury, the Department of Housing and Urban Development (HUD), and the Export-Import Bank of the United States (EXIM).

Ranking Member Sen. Elizabeth Warren (D-MA) objected to holding the hearing while Congress was out of session, and Roll Call reported that she questioned Export-Import Bank nominee David Slade about reports that the bank was considering a loan for a mining operation in Kazakhstan.

The Big Picture

The hearing considered four nominees: Jeremy Wiggins for Assistant Secretary of the Treasury, Matthew Jones for Assistant Secretary of HUD, and David Slade and Michael Rigas for positions at EXIM. Roll Call described the session as a "rare out-of-session hearing" and reported Warren's objections to the scheduling. A Congressional Research Service overview notes EXIM's authorization expires Dec. 31, making reauthorization an active policy issue alongside the nominations. Rigas has appeared before the committee before, including at a 2025 nomination hearing.

What They're Saying

Warren called the nominees "Donald Trump's lapdogs" and said Republicans were "ramming through" confirmations without a full hearing. Sen. Tim Scott (R-SC) defended the schedule, citing Senate Rule 26 and a prior precedent, saying: "We have four prepared nominees, and we have a country who wants us to do our jobs."

Sen. Elizabeth Warren (D-MA) asked both Export-Import Bank of the United States (EXIM) nominees whether they knew how much President Trump's sons had invested in a Kazakhstan mining project that was seeking $900 million in EXIM financing. Both David Slade and Michael Rigas said they did not know, after which Warren said, "Seventy million dollars. So we're not talking about chump change here on this investment."

David Slade, a witness from the Export-Import Bank of the United States, responded to Sen. Elizabeth Warren's (D-MA) questions about ethics rules by referring to the bank's "highest grade procedures" and "screening processes," and Warren then said: "The answer is no. I know you don't want to have to say that, but the answer is no." Sen. Mike Rounds (R-SD) stepped in to rebut, and Slade noted EXIM had issued only a non-binding letter of interest on the Kazakhstan project, with no application and no loan approved, adding that China controls roughly 80 percent of the world's tungsten.

Political Stakes

Warren widened the hearing by entering into the record a letter from the Federal Housing Finance Agency (FHFA) Inspector General's office warning that funding at the $20 million level would force staffing cuts of roughly 70 to 80 percent in fiscal year 2027 and end essentially all criminal investigations. She called for FHFA Director Bill Pulte's resignation: "Mr. Pulte should resign. And if he doesn't, we need to hold him accountable right here in Congress."

Sen. Tim Scott (R-SC) said Sen. Catherine Cortez Masto went to the floor the night before to pass a bill ensuring the Federal Housing Finance Agency (FHFA) Inspector General, not Bill Pulte, determines its funding for criminal investigations, and that Sen. Bernie Moreno objected, saying current law already funds the office, while Sen. Elizabeth Warren (D-MA) said Pulte shortly afterward imposed cuts that embarrassed Moreno and the Republican senators.

The Bottom Line

Rigas told the committee he looks forward to working with it to ensure a strong reauthorization for the Export-Import Bank of the United States (EXIM) "before year's end," and he noted that EXIM's current authorities expire on Dec. 31.

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