[Congressional Record Volume 166, Number 202 (Tuesday, December 1, 2020)]
[Senate]
[Page S7124]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                      Nomination of Kyle Hauptman

  Mr. COTTON. Madam President, the Senate has just voted to conclude 
debate on the nomination of Kyle Hauptman to be on the Board of the 
National Credit Union Administration, and we will soon vote to confirm 
Mr. Hauptman to the administration.
  This is a very happy moment, of course, for Kyle and his family and 
the country. For me, I have to confess it is something of a bittersweet 
moment. That is because Kyle is not only a nominee to a Federal Board. 
Mind you, he is my trusted economic adviser; he is the staff director 
for me on the Economic Policy Subcommittee of the Senate Banking 
Committee; and he is a good friend.
  So while I voted to confirm Kyle with enthusiasm, my enthusiasm is 
mixed with sadness to see a close and trusted aide go. But my loss will 
be America's gain. The NCUA, American taxpayers, and millions of people 
who rely on credit unions will be well served by Kyle, who brings to 
the job a collegial spirit and rare knowledge of financial markets.
  Kyle's expertise comes from years of work for the bipartisan SEC 
Advisory Committee and on Wall Street itself, where he focused on the 
very same money markets where credit unions obtain their financing. 
Lest anyone think that Kyle doesn't understand what struggling American 
families can face, as an analyst on the Asia desk at Lehman Brothers, 
Kyle lost his job and his savings during the financial crisis, which 
means he has a deep and gut-level understanding about how decisions 
made by bankers and bureaucrats at the top can have serious 
consequences for everyone else.
  Kyle has put this knowledge of the banking system and its 
implications to excellent use as my top aide. He has provided 
invaluable counsel and shepherded legislation through Congress on 
topics as wide-ranging as money laundering, consumer fraud, and 
blockchain technology. In fact, I have high hopes that an anti-money 
laundering bill on which Kyle and I worked for months, the ILLICIT CASH 
Act, will pass this Congress before the year is through.
  That is not all Kyle has accomplished. As a top committee aide, he 
has worked diligently to plan hearings and broker compromises with 
other Senators' staff. As anyone who knows Kyle can attest, he is a 
friendly and fast-talking guy, always ready with a joke and a smile, 
and his congeniality has helped smooth over many partisan spats so that 
the business of the American people can move forward.
  As important, Kyle has served as a valuable liaison between me and 
credit unions in Arkansas and the surrounding States. Though most 
credit unions in Arkansas are very small, with maybe millions of 
dollars under management--not billions of dollars--what our credit 
unions lack in size they make up for in their mission. They exist not 
for profit but to serve their members by keeping their money safe and 
providing credit at reasonable rates of return.
  So while our credit unions may not always manage vast fortunes, they 
do manage vast dreams. They safeguard the savings and extend 
opportunity to a customer base in Arkansas that looks an awful lot like 
the rest of America--senior citizens who have used the same banks for 
decades, for instance, or young families building a foundation for a 
better life.
  Kyle is very well acquainted with these credit unions from his work 
for me in the Banking Committee, but you don't have to take my word for 
it. Just listen to the Arkansas Credit Union Association, which 
submitted a letter in support of Kyle's nomination. I will quote from 
it here at length. This is from the group's executive director:

       On behalf of the Arkansas Credit Union Association, I'll 
     say that we probably feel the same way you do--that he'll be 
     difficult to replace yet the NCUA is lucky to have him.
       I've gone to Washington for a couple decades now on behalf 
     of Arkansas credit unions, most of which are very small, 
     rural institutions. Our largest credit union has just over $1 
     billion in assets, which would be considered small even by 
     community-bank standards. The rest are much smaller, where 
     you can count on one hand the number of ATMs they have. While 
     advocating for these community-based lenders, I've 
     encountered a lot of Congressional staffers. Kyle is the best 
     I've dealt with.
       Given his background at large, international finance firms, 
     you might think Kyle wouldn't understand the needs of our 
     members, who are mostly low- or moderate-income families. Yet 
     it's quite the opposite: he has gone above and beyond to 
     listen, respond quickly and empathize with our concerns. His 
     knowledge of financial markets is an asset, not a liability.
       I'm aware that NCUA board members aren't like Senate 
     staffers; I'll no longer be a constituent but rather someone 
     working for the institutions Kyle will be regulating. But I 
     think you'll agree that he'll continue to be fair, 
     professional and serious about his work.

  I can tell you I very much do agree with every word of that letter 
and similar letters we have received about Kyle and his work on behalf 
of Arkansans.
  Washington can sometimes be a confusing place, so Kyle's assistance 
keeping Arkansans in the loop has been a great blessing to many of the 
people we serve. I remember the countless emails from small business 
owners praising Kyle for his help in understanding and receiving 
assistance through the CARES Act in March, April, and May, at the 
height of the danger and the uncertainty about the coronavirus 
pandemic.
  That was all Kyle, and I am confident he will bring the same customer 
service mentality to his work at the NCUA. That is because Kyle, like 
the credit unions he will regulate, is driven by a sense of mission: to 
help his fellow Americans achieve their financial goals and the 
American dream. That dream is based on freedom.
  Alongside his hero, the great apostle of opportunity, Jack Kemp, Kyle 
knows ``there are no limits to what free men and women and free 
enterprise in a free society can accomplish when [men and women] are 
free to follow their dream.''
  Credit unions allow millions of Americans to follow their dreams. So 
while I am sad to say farewell to Kyle as a trusted aide, I will take 
consolation in the fact that he is going to serve our fellow Americans 
in the cause of freedom, and I know that he will serve them well. Thank 
you, Kyle, and Godspeed.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. TOOMEY. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.