U.S. Senator Katie Britt Introduces FTA Administrator Marc Molinaro, Questions Financial Regulatory Nominees in Banking Hearing

March 27, 2025 - WASHINGTON, D.C. – U.S. Senator Katie Britt (R-Ala.) participated in a Senate Banking Committee nomination hearing. As Chairman of the Subcommittee on Housing, Transportation, and Community Development, Senator Britt also introduced Marc Molinaro to serve as Administrator of the Federal Transit Administration (FTA).

"Marc brings to this role a rare blend of executive experience, bipartisan leadership, and an unwavering commitment to public service. Given his experiences, Marc possesses the essential qualities for this role – a proven ability to build consensus on both sides of the aisle and a strong understanding of complex transportation policy, both at federal and local levels," Senator Britt stated in her introduction.

"Marc understands that transit isn't just about buses and rail lines – that it's about connecting Americans to opportunity and ultimately helping them achieve their American Dream," she continued. "He also knows firsthand the importance of making thoughtful and effective investments in infrastructure, [and] that supporting economic growth and enhancing the lives of everyday Americans and working families should be the priority."

Senator Britt also questioned several of President Trump's nominees including Paul Atkins to serve as Chair of the Securities and Exchange Commission (SEC), Jonathan Gould to serve as Comptroller of the Office of the Comptroller of the Currency (OCC), and Luke Pettit to serve as Treasury Assistant Secretary for Financial Institutions.

In her first line of questioning, Senator Britt stressed the need to reinstate proper regulatory tailoring, asking Gould to "speak to the purpose of [S.] 2155 and how a balanced regulatory framework actually promotes stability and growth . . . whether it's capital, liquidity, operational risk management, an Alabama bank with less than $1 billion in assets should not be subject to the same threshold as a $3 trillion bank . . ."

"We need to ensure that we, the regulators, and if confirmed I would be the Comptroller, adhere to both the letter of the Economic Growth Act as well as the spirit of it in making sure that we are bringing common sense tailoring to both bank supervision and bank regulation," Gould responded.

Senator Britt directed her next question to Pettit, asking, "In your role of overseeing bank policy, will you commit to regular communication with [the] community bank sector to ensure that the rules that are going to be considered are taking a look at their unique business model? What is the cumulative impact of these things? What is the actual enforcement mechanism? What is this going to cost? How is this going to affect them and their relationship banking?"

Pettit responded affirmatively to the Senator, saying, "I've seen firsthand the role that community banks play in adding to the breadth of our banking system, that reach areas in states like Tennessee and Alabama that would be otherwise unbanked. So I look forward to working with them if confirmed."

Earlier this year, the SEC announced they would provide an exemption from the reporting requirement for personally identifiable information (PII), including names, addresses, and years of birth, to the Consolidated Audit Trail, or "CAT." Senator Britt joined Senator John Kennedy (R-La.) in introducing the Protecting Investors' Personally Identifiable Information Act, legislation that would make this exemption permanent.

"I am pleased that the agency has recently halted the CAT collection of certain personal identifiable information. However, I still have concerns that the data that's already been collected and stored within CAT creates a target for bad actors," Senator Britt stated. Atkins responded affirmatively when the Senator asked, "Will you commit to reevaluating both the necessity of CAT and whether adequate protections are in place to safeguard that data that has already been collected?

Senator Britt directed her final question to Molinaro, saying, "When you said we want to help America move forward, I couldn't agree more. One of the things we see in Alabama is having many rural communities that takes extra effort and extra thought. Do you have anything you want to add or talk about with regards to how we incorporate rural communities into your plans?"

Molinaro responded, saying, ". . . many of your constituents need to move within their communities but to other communities for employment. I think the FTA can lean in with technical support, working with regional and smaller transit agencies to provide back office support, really to grow their capacity. But we look forward to getting on the ground, working with you, your staff, and local officials to assist in meeting the needs of rural communities."