WASHINGTON (4/30/14)--J. Mark McWatters' nomination to join the National Credit Union Administration board cleared another hurdle on Tuesday, moving on to face a full U.S. Senate vote.
The Senate Banking Committee approved McWatters' nomination Tuesday morning alongside Federal Reserve and Department of Housing and Urban Development nominees.
"The next step for this package of nominees will be the Senate floor; the timing of that will depend largely on the agreement that the leadership works out to bring nominees to the floor," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said.
If fully confirmed by the Senate, as expected, McWatters will join NCUA Chairman Debbie Matz and board member Rick Metsger to fill out the three-member board.
McWatters was nominated in December to fill Republican Michael Fryzel's spot on the NCUA board. Fryzel has been serving since July 2008, and his term officially ended Aug. 2.
During his March nomination hearing before the Senate Banking Committee, McWatters said he intends to work with NCUA board members, agency staff and external stakeholders "in an open and respectful manner, with the goal of finding a common ground and working cooperatively through any differences."
He said that is the approach that has served him well in past positions, which include service on the TARP Congressional Oversight Panel, and as counsel for Rep. Jeb Hensarling (R-Texas), who is chairman of the House Financial Services Committee, and in his current position as assistant dean for graduate programs at Southern Methodist University's School of Law in Dallas.
Also approved by the committee were the nominations of Stanley Fischer to be a member and vice chairman of the Federal Reserve Board of Governors; Jerome Powell to be a member of the Federal Reserve Board of Governors; Lael Brainard to be a member of the Federal Reserve Board of Governors; and Gustavo Velasquez Aguilar to be an assistant secretary of the Housing and Urban Development.