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Banking Committee Advances Christopher Phelan's Nomination to Chair the Council of Economic Advisers, 13-11

July 24, 2026 · U.S. Senate Banking Committee GOP · 0:11:00

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What happened

The Senate Banking Committee met in executive session on July 23, 2026, in a recording posted by the committee’s Republican majority on July 24. Chairman Tim Scott opened by saying the committee would consider the nominations of Dr. Christopher Phelan, to be chairman of the Council of Economic Advisers, and John Crews, to be a member of the National Credit Union Administration Board; the committee’s published description also listed Jeffrey Ledbetter’s nomination as inspector general of the Department of Housing and Urban Development. Scott said President Trump was elected to bring down costs and restore accountability, and that Phelan understands economic policy is not an academic exercise because it affects jobs, wages, investment and growth, as Scott argued in support.

Ranking Member Elizabeth Warren raised concerns arising from the FBI background-investigation briefings on the nominees, said significant questions remained unanswered, and moved that the committee go into closed session so members could discuss matters that cannot be addressed publicly. After procedural exchanges over proxies and presence requirements, the motion to move to closed session carried 12-10, according to the roll call in the recording, and the committee cleared the room before returning to open session for the nomination votes.

The committee then voted on Phelan’s nomination to chair the Council of Economic Advisers. The clerk’s roll call recorded 13 ayes and 11 nays, and the chair announced the nomination was ordered to be reported favorably to the full Senate. The committee next took up Crews’s nomination to the National Credit Union Administration Board and recorded the same 13-11 division, likewise reporting that nomination favorably, before adjourning the executive session.

Why it matters

Phelan’s advancement puts a Trump economic adviser one full-Senate vote from chairing the Council of Economic Advisers, and the party-line margin — after a fight over background-check briefings — previews the confirmation politics for the remaining economic posts.

Scoreboard watch

Scoreboard watch: the committee’s 13-11 votes on July 23, 2026 reporting the Phelan and Crews nominations favorably set up full-Senate confirmation votes — flagged for the scoreboard editors, with no verdict entered here.

Sources: U.S. Senate Banking Committee GOP, “Chairman Tim Scott Leads a Banking Committee Executive Session”, 2026-07-24 (official upload, embedded above; published 2026-07-24). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.