Nominations of Wiggins, Jones, Slade and Rigas to Treasury, HUD, Ex-Im Bank

ten o'clock somewhere good morning call this hearing to order i want to begin by welcoming the four nominees thank you all for your willingness to serve uh public service is obviously not easy but it does take sacrifice patience and a commitment to the american people the positions before us today will help determine whether american businesses can compete overseas whether families can afford a home, and whether our economy and our country can stay strong in a changing global economy. Mister Slade and Mister Riggis, your nominations to Export Bank come at an important time. EXIM helps American companies compete on the playing field where foreign governments are often subsidizing and financing their own businesses, chief among them, China. China is not shy about using every single tool in the tool kit. to support its companies and expand its influence. America should not fight with the in the competition with one hand tied behind our back. We need an exp export-import bank that helps American companies win, strengthens critical supply chain, supports our energy and technology leadership, and protects taxpayers along the way. These nominations also matter because EXIM's ability to approve major transactions depends on maintaining a functioning board with a quorum. For businesses in South Carolina and across the country, access to XM financing can mean the difference between winning a contract and losing it to a foreign competitor, and between expanding a plant in America or seeing that business go overseas. Both of these nominees bring extensive experience in the private and public sectors that will help the XM Bank support American businesses. Mr. Jones, your nomination to lead the Federal Housing Administration and the Office of Housing comes at a critical time. Housing affordability remains one of the biggest challenges facing the American people. For a first time homebuyer in Hanahan, South Carolina or a young family in Greer, South Carolina, the American dream of homeownership can feel further and further away. FHA plays an important role in helping families access mortgage financing, while also protecting taxpayers and keeping the housing finance system strong. At the same time, the programs in the Office of Housing drive innovations in manufactured housing, provide an important safety net for the elderly and those with disabilities, and support housing counseling efforts nationwide. You already know the mission very well. In your current role as the Deputy Assistant Secretary for Single-Family Housing, you play a critical role in advancing the goal of making the dream of homeownership a reality for many Americans. Your private sector and capital experience further strengthens that background, and I'm confident you are the right person at the right time for the right job. I look forward to hearing how you will build on that experience, help implement the twenty-first century Road to Housing Act, and make sure FHA works for the families it was created to serve. Mister Wiggins, if confirmed, your role at Treasury will put you at the center of important conversations about international trade, investment, and infrastructure. Those issues affect American jobs, energy security, supply chains, and our ability to compete around the world. Your current work at Treasury, combined with your experience in international investment and economic policy will bring valuable perspective to this role. I look forward to hearing how you would use that position to advance American economic interest, work with our allies and make sure the United States leads rather than follows. At the heart of this hearing is a simple idea. President Trump needs a qualified group of people in place to carry out his agenda. And the American people deserve leaders who understand whom they work for. Each of you will be asked to make decisions that affect families, workers, businesses, and taxpayers. I look forward to your testimony and to hearing how you will use these positions to expand opportunities, strengthen American competitiveness, and deliver results for the people we serve. Ranking Member Warren, you are now recognized for your opening statement.

Thank you, Mister Chairman. Now, Mister Chairman, you know I appreciate the work that we have done together, but we shouldn't be holding this hearing today. Senators have a constitutional responsibility to provide advice and consent on executive branch nominations. and many of them can't do that today. Why? Because Republican Majority Leader John Thune sent members home last night. Committees almost never hold nomination hearings when the senator has adjourned for recess. It is irresponsible to wave senior officials through the process without giving every senator the opportunity to ask questions and the American people the right to hear the answers. But instead of waiting until the Senate is back in session, you're ramming through Donald Trump's lap dogs without a full and fair hearing, the kind that the American people deserve. And it's no surprise why. The scope of President Trump's failures becomes more visible every day. Republicans would rather provide cover for this President's disastrous agenda, than grow a spine and do what is right for the American people. Trump's chaotic tariffs have raised costs on everything from groceries to housing. Typical families are now spending over eleven hundred dollars more than they were spending on groceries and housing before Donald Trump was sworn in. Trump promised his war with Iran would last, quote, " four to six weeks". Seven months later, diesel and gasoline prices are surging. The average family has spent nearly seven hundred dollars more on gasoline just since Trump started this war. Mortgage rates are now over seven percent, up a full percentage point since Donald Trump started his war. For a typical home, that adds about a hundred and ninety-four dollars to their monthly payment. And paychecks aren't keeping up. Real wages have fallen by point seven percent since Trump's war in Iran began. American families are suffering as a direct result of the decisions of Donald Trump. And meanwhile, President Trump, his family and his billionaire buddies, boy, they're getting rich, and their corruption is costing American families even more. I fear that the nominees in front of us today are only gonna make things worse. We have two nominees for key positions at the XM bank, Mister Slade and Mister Regas. The small businesses and big manufacturers that use XM are hurting from the president's war and from the president's tariffs, which have raised the cost of materials, while record diesel prices drive up the cost of shipping. We need the XM bank to strengthen critical supply chains and help small businesses in the United States grow and compete. And there's broad bipartisan support for an XM reauthorization. But the deep corruption that runs through President Trump's administration is now making its way to XM. Let me, let me tell you for just a minute about the Kazakh Tungsten mine. According to news reports, the president of Kazakhstan privately told President Trump in September, twenty twenty five, that an American company would be granted the right to develop a massive tungsten mine, a deal that the Trump administration helped negotiate. Now, according to those same reports, the following month, before there was any public announcement of the pending deal, Eric and Donald Trump Junior And their buddies began making massive investments in this project. Now, does anyone in this room believe that's a coincidence? Anyone? Now, this mining project is expected to seek two billion dollars of federal loans, nearly half from XM, a project that would be approved by the Trump-appointed board members who sit before us today. This deal reeks of corruption. XM loans should be used in the public interest, not to help President Trump and his family find one more way to feast off US taxpayers. Meanwhile, President Trump has refused to nominate any Democrats to the XM board, leaving two seats empty, and he fired XM's independent Inspector General last fall. You know, the guy who is supposed to investigate if someone breaks the rules. First the corruption, then the cover-up, and now the chance for more corruption. We have to prevent President Trump and his billionaire buddies from profiting off the bank, at the expense of American taxpayers and honest American businesses. I'll have questions for both XM nominees. about whether they will facilitate corruption or work to end it. And we have two other nominees today, Mister Wiggins, the nominee for Assistant Secretary for International Trade and Development at Treasury, um, and, uh, who will be saddled with Trump's disastrous international economic policies, including chaotic tariffs that the Joint Economic Council indicates have already cost American families more than seventeen hundred dollars per family and the war that has sent gasoline and diesel prices soaring. And, Mister Jones, who would be Assistant Secretary for Housing and FHA Commissioner at HUD, will have a tough job addressing the surging mortgage mortgage rates and unaffordable home prices caused by Trump's failures. And the problem is now set to get worse. Just last night, we learned that Bill Pulte is unlawfully shutting down the work of the Inspector General, responsible for investigating misconduct at the Federal Housing Finance Agency and in multi-trillion dollar mortgage markets. The Inspector General's office alerted Congress that the cuts will effectively shut down their work. Mister Chairman, I ask that this letter be entered into the record.

Without objection.

Thank you. Here are just a few uh key takeaways from the letter. Quote, we will be forced to reduce staffing by approximately seventy to eighty percent in F Y twenty twenty seven, which will result in the discontinuance of essentially all criminal investigations conducted by our Office of Investigations. Quote, " Funding at the twenty million dollar level will eliminate our capacity to effectively conduct criminal investigation of mortgage, bank, and other fraud schemes involving the entities FHFA regulates." And another, we will be forced to cease supporting ongoing criminal investigations as soon as feasible after consultation with the Department of Justice and the more than thirty US attorneys' offices, in which we have ongoing investigations. These cuts will mean more fraud in the mortgage market, more cheating of families, higher costs for people trying to buy a home. And why? Why? So that Bill Pulte can dismantle a watchdog that would hold him accountable for his misconduct weaponizing the FHFA to persecute President Trump's perceived political enemies. Now last night, Senator Catherine Cortez Masto went to the floor to pass her bill to insure that the FHFA Inspector General not Bill Pulte, determines the amount of funding it has available to conduct these criminal investigations. Senator Moreno stood and objected, assuring us that, quote, current law already funds this office. It has more than a hundred employees. Shortly after Senator Moreno made that speech, Bill Pulte quickly embarrassed Senator Moreno and the Republican senators by imposing massive cuts that will force the agency to fire most of those people and start turning off the lights on ongoing investigations. Mister Polte should resign, and if he doesn't, we need to hold him accountable right here in Congress. This is not the moment to be pushing through more trump cronies. The American people deserve nominees who are focused on lowering costs and safeguarding our economic security not rubber stamping Donald Trump's chaotic and corrupt policies. Thank you, Mister Chairman.

Thank you, Maggie. Remember, maybe just uh for the audience and for those uh dozens and dozens watching us on Cspan right now as well, uh clarify the cons what's going on today. Um This hearing was noticed more than seven days in advance, without any question. This respects the preparation of the nominees in this committee for continuing with this hearing. Earlier this year, June twenty-fifth, uh, we had late night votes and the Senate adjourned and we continued with our hearing, uh, on that following Thursday, and we're gonna continue to do so today as well. Senate Rule twenty-six expressly authorizes standing committees to hold hearings during the sessions, recesses and adjourn periods of the senate. But more importantly, I too have been enticed by jet fumes. I wanna go home too. I had a flight this morning at eight thirty and I had a decision to make. Was I gonna chair this committee or go home? What you see today is not something that is unordinary. What you see today is the enticement of jet fumes to go home and I absolutely would Like to be on one right now, but more important than the jet fumes that I've been enticed with in the past, is the fact that we have four prepared nominees, and we have a country who wants us to do our jobs. Let's get on with it. I will now swear in the nominees. Would you please stand and raise your right hand? Thank you. Do you swear or for? affirm that the testimony that you're about to give is the truth, the whole truth, and nothing but the truth to help you guy? Do you agree to appear and testify before any duly constituted committee of the United States Senate? Thank you. You may take your seats. Your written testimony statements will be made a part of the record in its entirety. Uh, please keep your oral comments to five minutes. I am consistently clear and rigorous on that five minute clock. And if you are short of the five minutes, I will actually celebrate. But, uh, Senator Craple, uh, and Mister Jones have a previous relationship. And Mister Craple, the floor is yours to introduce Mister Jones.

Thank you very much, Mister Chairman, and it is my honor and my pleasure to introduce Matt Jones, President Trump's nominee to serve as Assistant Secretary for Housing and Commissioner of the Federal Housing Administration. Matt is no stranger to this committee. From two thousand seventeen to two thousand twenty-one, he served as senior counsel on my staff on both the Senate banking and finance committees where he helped draft and negotiate major legislation including the CARES Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act. And thank you, Matt, for all that strong hard work. Matt also has significant private sector experience in housing and mortgage finance. He began his career as a mortgage loan originator and later served as Senior Advisor for Capital Markets at AmeriFirst Home Mortgage and Associate Vice President for Government Housing Finance at the Mortgage Bankers Association. Today, Mat serves as HUD's Deputy Assistant Secretary for Single-Family Housing, overseeing FHA's portfolio of more than eight million insured loans representing more than one point six trillion dollars. in unpaid principal balance, as well as its single family housing operations. Having worked closely with Mat, I know firsthand the knowledge, judgment, and work ethic that he brings to the job. His experience in Congress, the private sector, and at F FHA has prepared him well to take on this new responsibility. Mat, congratulations on your nomination. I'm proud to support you and encourage my colleagues to join me in doing the same. Thank you.

Thank you, Senator Crapo. Mister Jones, you are now recognized for your five minutes.

Chairman Scott, Ranking Member Warren, members of the committee, uh, I'm so honored to be back here in this hearing room. A committee, as as mentioned, that I once staffed, uh, today as the President's nominee to lead FHA and lead, uh, the Office of Housing within HUD. I wanna thank the President, uh, for the confidence he's placed in me. As well as thank Secretary Turner, for his support, friendship, and mentorship. Thank you also to Chairman Crapo for the kind introduction. My father Mark is here. His example as a dad and as an entrepreneur, taught me the fundamentals of leadership and paved the way for me to be sitting here today. My mom Tony is also here, and I will always be grateful for her love and support over the years. I'm also joined by my in-laws, Jean and Yolanta. as well as Dave Game, a lifelong mentor of mine, all of whom traveled a long way to be here today. Most of all, I wanna recognize my incredible wife of eleven years, Victoria, who is my partner on this great journey of life, who pushes me every day to grow in virtue, and who has made immense sacrifices in ways that are known and ways that will never be known to make this type of career possible for me and for our family. God has blessed us with four incredible daughters, Kate, Lily, Josephine, and Philippa, who are all here today. One of them is behind me, the other three are are too little, so they're out in the hallway. They're the reason I do everything. No one has a bigger stake in our nation's future than our children. And housing is foundational to family formation and securing the American dream for the generations that come after us. This is the defining housing challenge of our time. Young Americans today are getting married later, having children later, and in survey after survey they cite the cost and unavailability of housing as a primary reason why. This has to change. At FHA we see a huge opportunity. Every business day over three thousand American families purchase a home with an FHA loan, most of whom are first-time homebuyers. That's three thousand opportunities each day for us to improve. Over the past year and a half leading the FHA single family program, we have worked tirelessly to tackle the cost structure of FHA origination and servicing to embrace better technology and to facilitate faster and more affordable home construction we have already cut a lot of red tape streamlining over a hundred and fifty FHA program requirements which have translated to meaningful cost reductions for consumers as just one example if you're looking to purchase a newly built home with FHA financing, we've already saved you somewhere between fifteen and thirty thousand dollars, by reversing heavy-handed and burdensome energy code requirements that were scheduled to take effect. To ensure that families have an advantage in the home buying process, we are banning large institutional investors from purchasing single family homes. This includes guidance we are finalizing, which will ban large institutions from purchasing HUD REO properties, or participating at all in single family note sales. To drive affordability for renters, we have already delivered across the board insurance premium reductions and streamlined regulations within our multifamily portfolio. We plan to build on this momentum by leveraging new technology to shorten turn times. Within our healthcare portfolio, we have already delivered across the board insurance premium reductions or excuse me within our healthcare portfolio, We instituted, and will continue to fine-tune, our two thirty-two express lane to underwrite low-risk applications and facilitate better financing of residential care facilities. We are also leading the way in facilitating housing innovation. Last week on the National Mall we showcased a two-story manufactured home, the first ever built, and made possible through one of our rulemakings. Paired with the implementation of the twenty-first century road legislation, we are looking at a generational opportunity. to accelerate the construction of non-site-built housing, reduce its cost, and increase its appeal for the American people. This is arguably the biggest change since the HUD code was implemented in the seventies. You can count on this one being a priority for us. We are also leading a major transformation in the use of alternative credit scores at FHA, the first in decades for our program. Effective three months from today, FHA will accept two new credit score models for underwriting approval. This will benefit our insurance fund through improved predictive power, and will benefit responsible young consumers who have done everything right, made payments on time, but may not yet see those trends reflected under older models. Not to mention this will create competitive pressure to continue to sharpen these models while we hope also bringing down the cost of pulling a credit report. We have charted an ambitious road map for the future. It won't be easy, but we have a phenomenal team at FHA that is energized, focused, and ready to navigate the path forward. I'd be honored to have this committee's support, and I look forward to your questions.

Thank you, sir. Mister Wiggins, you now have five minutes.

Yep.

Thank you.

Thank you, Chairman. Chairman Scott, Ranking Member Warren, and members of the committee. I am honored to appear before you as the nominee to be Assistant Secretary for International Trade and Development. I am deeply grateful to President Trump for this opportunity to serve our country. and to Secretary Besant for the confidence he has placed in me. I am also deeply grateful to the members and staff of this committee who took the time to meet with me. Those conversations were valuable, and if confirmed, I look forward to continuing them. I want to begin by acknowledging my family. My parents, Cheryl and Mark, are here with me today. I would also like to recognize my sister, Jessica, and my grandparents, Patricia and Larry. Nothing I have done would be possible without them, and their love and support mean the world to me. For the past year and a half, I have had the privilege of serving in Treasury's Office of International Affairs. Before joining Treasury, I spent my career in international markets, on the staff of the President's National Economic Council, as an advisor to the president of the World Bank Group, and at two American financial institutions. Each of those roles prepared me for the position to which I have been nominated, and I am grateful to the mentors who gave me those opportunities. More than eighty Years ago at Bretton Woods, New Hampshire, the Treasury Department helped design the international economic architecture that would define the post-war era. But the system has not kept pace with changing economic and strategic realities. Persistent global imbalances, unfair economic practices, and discriminatory measures aimed squarely against American firms have weakened our competitiveness and exposed vulnerabilities across our industrial base and critical supply chains. Put simply, as Secretary Besson has said, economic security is national security. The international economic system needs real reform, and the office for which I have been nominated has a central role in delivering it. Treasury's international trade and development portfolio carries the department's responsibilities for advancing American interests in international markets trade and development finance. The office represents the United States at the multilateral development banks, promotes private investment and economic growth abroad, oversees Treasury's technical assistance programs, and helps shape the department's trade and investment policies. If confirmed, three priorities would guide my work. First, boosting US growth globally. These efforts include expanding market access for American companies abroad, promoting US exports, and confronting unfair and predatory economic practices. Second, refocusing and reforming the multilateral development banks. These institutions are at their best when they are focused on their core mandate of raising growth and eliminating poverty. This means promoting a stronger development agenda, centered on broad-based growth, private investment, and core macroeconomic market-oriented reforms that lift productivity, growth, and ultimately country self-reliance. Third, using our economic tools to strengthen our ties with emerging countries. The fastest growing markets of the coming decade are choosing their partner. The United States, with the deepest capital markets, the world's reserve currency, and the most dynamic private sector anywhere, should be the partner of choice. Thank you again for the opportunity to appear before this committee. I welcome your questions, and if confirmed, I look forward to working with you and your staff to deliver an economic policy that protects the interest of our nation and its people. Thank you.

I said I would applaud. Well done. Miss Slade, the floor is yours, sir.

Ye- thank you, Miss, thank you, Chairman Scott, and thank you, Member Warren.

Maybe hit your microphone, sir.

Sorry.

Thank you very much.

Thank you, Chairman Scott, Ranking Member Warren, and distinguished members of this committee. I am very honored to be here today as President Trump's nominee, to serve as the first Vice President, and Vice Chairman of the Export Import Bank of the United States. Thank you for the time many of you and your staff have already spent with me in anticipation of this hearing. I would also like to thank President Trump for the strategic priority he has placed on revitalizing American industry, for the central role he envisions for XM in in delivering on that priority, and for the position he has asked me to serve as part of that strategic mission. I am also immensely grateful to the President and Chairman of the Export-Import Bank, Mister John Yovanovitch, for all his support and for his great leadership of the bank. I am pleased to say my son Tyler is here with me today, as as are many of my XM colleagues, for whose support I am very grateful. My daughter Tara and my wife Marilyn unfortunately could not make it here in person, but they are here with me in spirit. My wife Marilyn and I are New Englanders, and we met in high school in Beverly, Massachusetts. a town on the north shore of Boston. Incidentally, Marilyn's family are Italian immigrants, who came to America in pursuit of, in pursuit of a better life and the promise of the American dream. Her grandparents worked in what was once a giant shoe factory in Beverly, that employed thousands of hardworking people, giving Marilyn's family and so many others the opportunity to realize that dream. But that factory is no longer in Beverly. a victim of offshoring like too many other factories in too many other communities across America. This is a story I know all too well, and one of my many inspirations for ultimately working with the Export-Import Bank. In retrospect, I think my journey to XM actually started for me as a child. For as long as I can remember, I've always been fascinated by international affairs. I believe that's because I was born on a US army base in Germany, where my father was then serving. That fascination drove me to supplement my law degree from Harvard with a master's degree in international affairs from the Fletcher School of Law of Law and Diplomacy at Tufts, thus preparing me for a career in international law and finance. For more than three decades, I worked as an international finance attorney, representing official credit agencies on complex infrastructure, manufacturing, mining and energy projects, all around the world. And what would become the first part of a thirty-five year career with EXIM, my very first client as a young partner at a major law firm was none other than the Export-Import Bank, which I represented during all those decades on complex projects, all of which was central to the core mission of the bank. Then, in two thousand nineteen, I had the honor and privilege of being appointed as General Counsel of EXIM, during the first Trump administration. This was a difficult time for the bank, as two thousand nineteen was the year when EXIM regained its board quorum after a four year lapse and the year when it was last reauthorized. On that note, I want to take a moment to thank Congress, especially many members of this committee, for reauthorizing the bank in two thousand nineteen and establishing the all-important China and transformational exports program, CITEP, which as general counsel I had a key role in standing up for the bank then at the start of the second trump administration I had the opportunity to join the transition team for XM to help align the bank's strategic priorities with president trump's vision of revitalizing the American economy once chairman Yovanovitch was confirmed to serve at the helm of XM I was honored that he asked me to stay at the bank to continue implementing his four strategic priorities Namely, getting back to basics to make sure American companies of all sizes win around the world, unleashing American dominance with an all of the above approach, strengthening American supply chain security, and ensuring America leads in the industries of the future, all to create and preserve well-paying jobs. In short, I had the privilege and opportunity to work with XM for thirty-five years, under six presidents, half Republican, half Democrat, what i love about the bank is that it is all about the mission and my support for that mission has been the one constant theme throughout my entire career i look forward to the opportunity if confirmed to support chairman yanovich yovanovitch and help the bank fully realize its potential to be a strong and effective tool for maintaining america's economic leadership for strengthening our domestic and su- industrial base and for assuring that our nation remains the most prosperous and competitive country in the world for decades to come. Thank you again for considering my nomination, and I look forward to your questions.

Good job, Mr. Slade. I feared that you might be a Patriots fan after your testimony this morning. Don't comment please, sir. Thank you very much, sir.

Thank you very much.

Mr. Regis. Thank you, sir, very much.

Chairman Scott, Ranking Member Warren, and members of the committee, thank you for the opportunity to appear before you today. I'm honored by the confidence President Trump has placed in me by nominating me to serve as a member of the Board of Directors of the Export-Import Bank of the United States. I'm grateful for the opportunity to continue serving our country, and I appreciate the time that members of this committee and your staff have devoted to meeting with me throughout this process. I would also like to thank my wife Laura, my parents John and Zoe Regis, my siblings, and all of my family friends for their unwavering love and support. I'm especially grateful to those who are here with me today, my wife Laura, my mother Zoe, my twin sister Elaine, and most especially my daughter Mary Elizabeth, who is attending her second confirmation hearing today. My father John could not be with us today, but I know he is watching from home in Massachusetts.

Oh.

My parents instilled in our family the importance of public service in giving back to this country that provided so much opportunity to them and to our family. Those values have guided me throughout my career in both the private and public sectors. My career has provided experiences that I believe are directly relevant to XM's mission. I spent more than a decade in the financial services industry, where I gained experience in banking, finance, investment analysis, and risk management. These experiences gave me a practical understanding of the challenges businesses face as they seek to compete and grow in an increasingly competitive global economy. In public service, I have held senior positions in leadership at the Office of Management and Budget, the Office of Personnel Management, and the General Services Administration. As Deputy Secretary of State for Management and Resources, I oversee significant management, budget, personnel, and operational responsibilities, while supporting the advancement of American interests around the world. These roles have reinforced several principles that I believe are essential to effective governance. One, public resources must be managed responsibly and transparently. Two, risk must be carefully evaluated and appropriately managed. Three, government programs must deliver measurable results. And four, every decision should be guided by whether it advances the interests of the American people. If confirmed, it would be a privilege to serve on the board of directors of XSIM and to help advance the bank's mission and strategic priorities under the leadership of President Trump and Chairman Jovanovich. I look forward to supporting XSIM's focus on returning to its foundational mission of supporting American workers, manufacturers, and exporters, promoting American energy dominance around the world, strengthening the security and resilience of critical supply chains, and ensuring that the United States leads in the industries and technologies that will define the future global economy. These priorities are more than policy objectives. They are critical to strengthening American competitiveness, advancing our economic and national security interests, and creating opportunities for American workers, businesses, and communities across our country. EXIM has an important role to play in helping American companies compete on a level playing field, confronting strategic competition from foreign governments, and ensuring that the products, technologies, and innovations developed by American workers remain the gold standard around the world. As our nation faces growing economic competition from strategic rivals, EXIM serves as an important tool to support US manufacturing, strengthening critical supply chains, expanding American energy leadership, and unlocking opportunities in the industries that will shape the future. By supporting these efforts, EXIM helps reinforce America's economic security while promoting long-term growth and prosperity. At the same time, I recognize that EXIM's resources ultimately represent the trust and financial backing of the American taxpayer. Every transaction approved by the bank must be evaluated with diligence, sound judgment, transparency, and accountability. If confirmed, I will work to ensure that EXIM continues to operate responsibly and effectively, while fulfilling its statutory mission and protecting taxpayer interests. Of course, EXIM's ability to execute its mission is only possible if Congress gives it the authority to do so. I want to thank Congress, including many members of this committee, for reauthorizing the bank in twenty nineteen. As many of you know, EXIM's current authorities expire on December thirty first, twenty twenty six. If confirmed, I look forward to working with this committee to ensure a strong reauthorization for EXIM, before year's end, so that the bank can continue to support American workers and American companies, large and small alike, to compete and win. Thank you for considering my nomination. I look forward to answering your questions.

Thank you, sir. Each member will have up to five minutes to ask and get answers to their questions. And then we will go on to the next senator. We'll start with Senator Crapo.

Well, thank you very much, Mister Chairman, for accommodating me. And I'm going to uh I wish I had uh more time for all of you, but I'm gonna focus my questions today on my former senior counsel, Matt Jones. Matt, again, congratulations on your nomination and thank you for all the incredible work you've already given to these issues. You've had the opportunity to work on housing policy from for, well, from a number of different perspectives, from Congress and the private sector and now from inside the FHA. If confirmed as FHA Commissioner, what would be your top priorities for the agency and what would you hope to accomplish?

Thank you for the question, Senator. And I I think the American people understand we need more supply, right? Anything we can do to help with affordable housing supply is gonna be a positive. And uh, as I mentioned in my opening statement, I think we have a generational opportunity in the non-site built housing uh space. We just featured on the National Mall at HUD's innovative housing showcase last week, the first ever two-story manufactured home. So, that's made possible through a the chassis removal rulemaking that we've already undertaken within housing, and combined with, uh, the recent road, uh, legislation, uh, that's gonna dramatically accelerate the amount that we can bring through that channel, bring to market, as well as I think, in- increase the appeal there. And as I also mentioned, Senator, we've cut over a hundred and fifty regulatory requirements within the single family program that addresses structurally regardless of - of the market cycle the cost of building, the cost of originating a mortgage loan, the cost of servicing a mortgage loan. We know that there's so much that gets baked into that cost that ultimately gets passed through and we're laser focused on on what we can do there to be helpful. Appraisal reform, alignment with other agencies, and we're hard at work, we got a great team, we're excited about what we've done so far and and we got a lot more ahead.

Well, thank you very much. And as uh, as you know, I'm a huge advocate for the low income housing tax credit. which we boosted and strengthened in the uh one big beautiful bill, the Working Families Tax Cut Act. Um, in your work, uh if not if confirmed, uh how could you facilitate, what do you uh see as your priorities in that zone of the low income housing uh needs in this country?

Absolutely, Senator. So, within our multifamily portfolio, as you know, a lot of these deals come together in the capital stack using a variety of federal funds, often FHA insurance, paired with direct support, paired with other HUD block grants, potentially with a LIHTC credit. And, you know, we engage with with our friends at at treasury on that and a and a variety of other topics.

Mm-hmm.

Uh, as I mentioned, you know, we were able to drive affordability in the multifamily production channel, uh, specifically by, uh, reducing an across the board MIP cut within the multifamily program. So that's a start, uh, but we certainly have more work to do there. We wanna do everything we can. to help drive affordability, listen to the the developers and the financiers that are are pulling together multifamily deals, and figure out uh the role that we can play, how we can make sure to stretch those dollars, with the dollars we have to use, to make the the biggest possible impact.

Well, thank you very much. And finally, uh, uh, I know that you've already done a number of things to streamline the single family programs whether it's cutting unnecessary red tape or reducing regulatory burdens. If confirmed, how would you build on those efforts as you go forward?

Sure. So, so as I mentioned, we wanna prioritize the ability of families to purchase single family homes, and and consistent with both the President's executive order and the recent legislation, uh, we're banning large, uh, institutional owners of real estate from participating across all, uh, HUD programs, our REO inventory, our CWCOT program. An investor can never take out an FHA loan, you have to occupy the property. And we wanna make sure that we're giving families that leg up anywhere we can. Um, also, as uh, as I mentioned, uh, we're really excited about what the future holds with respect to alternative credit scores Senator uh by bringing in two new models uh f- within the FHA program. On January first, that will enable particularly younger Americans who are doing everything right, you know, making payments on time, but maybe thinner credit, uh, may not be showing up on the radar. A lot of them are gonna benefit under that, under that new data. And so that can help them access home ownership.

No, thank you very much. I uh, I really look forward to your uh efforts in this regard, and I want to again thank you for being willing to serve in this new role.

Thank you, Senator.

Thank you, sir. Senator, Banking Member Warren.

Thank you, Mr. Chairman. So last year, XM authorized almost nine billion dollars in direct loans, loan guarantees and insurance to help support US exports. When Congress reauthorizes the XM bank, we can use that financial support to reduce our reliance on China for critical supply chains. XM also helps small businesses in the United States grow and compete. We see this the same way. So I wanna focus on one specific application that could be coming before XM soon. Earlier this year, public reports revealed that President Trump's sons had invested in a company seeking nine hundred million dollars in XM financing for a mining operation in Kazakhstan. XM sent the company a letter signaling preliminary interest in financing the project. Mister Slade, you currently serve as a senior counselor at XM. Do you know how much President Trump's sons and his partners invested in this project?

first of all senator i would like to thank you for your for your long-standing support for the bank and

thank you do you know how much they invested in this project

and actually i do not know and i

mister regis do you know how much they invested in this project

no

no seven seventy million dollars so we're not talking about chump change here on this investment mister regis you say you wanna join

Uh, Senator, I'm not familiar with that uh transaction, but I do know the bank is governed by its charter and by its underwriting people.

It's not my question, Mr. Regis. My question is would a nine hundred million dollar loan provide a huge benefit to the investors of a company?

I, there's no way for me to know that.

Oh, really? So, you're just putting out this money and maybe it helps the investors and maybe it doesn't? I thought you just said the whole point of this money. is to help boost these companies and that in turn of course, boost the investors. Doesn't it, Mister Riggis?

The bank has an underwriting process in due diligence.

I understand that, Mister Riggis. I'm asking you a simple question. If a company gets a nine hundred million dollar loan, is that likely to be helpful to the company and in turn to the company's investors? Is that a hard question to answer?

I think it would depend on the terms of the loan, but don't.

Is that a hard question to answer? You don't think these are. helpful loans that you're putting out?

If it's a a loan from the XM bank,

Yes.

and the terms, I'd I have to understand what the terms of the loan are, but presumably it it would not, it would be a loan that would be beneficial to the company if it if XM is making the loan.

And if it's beneficial to the company, is it beneficial to the investors in that company?

But that would seem to logically fail.

That would seem logical. And if those investors are President Trump's sons, looks like they get a pretty good deal, huh? Huh?

ma'am look i i am not at the bank i know what the the bank has strict underwriting procedures

yeah i'm sure

and every customer is treated the same

let's let's find out about those procedures mister slade do any current bank ethics rules prevent the president of the united states and his family from profiting from an xm loan

as i mentioned during my presentation i've been working for the bank for thirty five years and i am confident based on my experience the bank

i'm asking you a question Are there any ethics rules to prevent the president or his family from profiting from an XM loan?

The bank has the highest grade procedures, screening processes for

I- it's a really easy question. I've actually looked at your rules, so you know I know the answer. You can dance as long as you want or as long as the chairman lets you. Are there any rules to prevent this?

We have our own screening process. It's called our CRTI.

Are there any ethics rules to prevent this? Let me tell you the answer there. The answer is no. I know you don't wanna have to say that, but the answer is no. So, Mister Slade, let's say the White House called and told you to approve an XM loan that benefits the president's son would you take the call or would you report it to Congress, and the Inspector General?

I am, I am certain, if I am confirmed as Vice Chairman of the bank, that I will, as the bank has always, during its thirty-five years that I've been involved with it, apply the highest ethics standards.