Bill Hagerty
For far too long, the CFPB has operated outside of the appropriations process and as such, has been operating in an entirely unaccountable manner. That is precisely why I introduced the CFPB Accountability Act last Congress to fix this glaring separation-of-powers issue. Hagerty Statement on the Supreme Court’s CFPB Announcement
Bill Hagerty is the junior Republican Senator from Tennessee. Punchbowl News has reported that “everyone [they] spoke to [the week of July 18] has mentioned Hagerty as a potential Treasury Secretary.” During his tenure, he voted against creating an independent commission to investigate the Jan. 6 attack on the U.S. Capitol. Hagerty was also a big reason the Bipartisan Infrastructure Law was stalled in congress. According to Senator Jon Tester, Hagerty was “doing Trump’s bidding.” In his Senate office, Hagerty hired over a dozen ex-Trump administration officials. One of these officials was Julia Hahn who has deep ties to white nationalist groups.
Hagerty holds controversial positions on cryptocurrency and the Consumer Financial Protection Bureau (CFPB). He has been a vocal critic of what he perceives as regulatory overreach by financial agencies, arguing that excessive scrutiny and lack of regulatory clarity are driving crypto firms overseas and stifling innovation. Critics argue that his stance may undermine essential regulatory efforts aimed at protecting consumers and maintaining financial stability. Additionally, Hagerty’s proposal to subject the CFPB to the congressional appropriations process has been seen as an attempt to weaken the agency’s independence and reduce its effectiveness.
In 2022, as a U.S. Senator, Hagerty violated the Stop Trading on Congressional Knowledge (STOCK) Act which requires members of congress to report trades no later than 45 days after making them. Hagerty reported three stock trades several months past a federal deadline. Specifically he “sold stock in Signature Bank from three of his dependent children’s trusts. Together, the sales are worth between $45,000 and $150,000. While the sales were made in December 2021, Hagerty waited until July 2022 to report the trades”.
Hagerty, with Congresswoman Marjoire Taylor Greene as his ally in the house, also proposed the controversial 21st Century FREE Speech Act, which would get rid of Section 230 of the Communications Decency Act. According to opponents of the bill this would allow for hate speech to run rampant on social media platforms.
During his 2020 Senate campaign, Hagerty was criticized for acquiring a $2.5 million loan from Pinnacle Bank (where he had previously been a director) at a time when small businesses were struggling to obtain federal stimulus loans during the COVID-19 pandemic. He was also endorsed by Donald Trump in his 2020 Senate race having the likes of Don Jr. and Kimberly Guilfoyle speaking at campaign rallies on Hagerty’s behalf.
Prior to being a Senator, Hagerty had deep roots in Republican politics, including working in the George H.W. Bush Administration as well as financially supporting candidates like Marco Rubio. In 2016 he “joined Trump’s Victory Committee as finance chairman and donated about $11,000 to Trump, disclosures show. After Trump’s win, he served as a key transition team leader and, in 2017, became Trump’s ambassador to Japan”.