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Nominations of Kevin Allen Hassett and Pamela Hughes Patenaude Hearing S. HRG. 115–49 NOMINATIONS OF KEVIN ALLEN HASSETT AND PAMELA HUGHES PATENAUDE HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS FIRST SESSION ON NOMINATIONS OF: KEVIN ALLEN HASSETT, OF MASSACHUSETTS, TO BE CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS PAMELA HUGHES PATENAUDE, OF NEW HAMPSHIRE, TO BE DEPUTY SECRETARY, U.S. HOUSING AND URBAN DEVELOPMENT JUNE 6, 2017 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 26–198 PDF WASHINGTON : 2017 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 13:54 Sep 26, 2017 Jkt 046629 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\HEARINGS 2017\06-06 NOMINATIONS\HEARING\60617.TXT JASON COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS MIKE CRAPO, Idaho, Chairman RICHARD C. SHELBY, Alabama SHERROD BROWN, Ohio BOB CORKER, Tennessee JACK REED, Rhode Island PATRICK J. TOOMEY, Pennsylvania ROBERT MENENDEZ, New Jersey DEAN HELLER, Nevada JON TESTER, Montana TIM SCOTT, South Carolina MARK R. WARNER, Virginia BEN SASSE, Nebraska ELIZABETH WARREN, Massachusetts TOM COTTON, Arkansas HEIDI HEITKAMP, North Dakota MIKE ROUNDS, South Dakota JOE DONNELLY, Indiana DAVID PERDUE, Georgia BRIAN SCHATZ, Hawaii THOM TILLIS, North Carolina CHRIS VAN HOLLEN, Maryland JOHN KENNEDY, Louisiana CATHERINE CORTEZ MASTO, Nevada GREGG RICHARD, Staff Director MARK POWDEN, Democratic Staff Director ELAD ROISMAN, Chief Counsel JOHN O’HARA, Chief Counsel for National Security Policy KRISTINE JOHNSON, Professional Staff Member MATT JONES, Professional Staff Member GRAHAM STEELE, Democratic Chief Counsel LAURA SWANSON, Democratic Deputy Staff Director COLIN MCGINNIS, Democratic Policy Director BETH COOPER, Democratic Professional Staff Member HOMER CARLISLE, Democratic Professional Staff Member DAWN RATLIFF, Chief Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor (II) VerDate Nov 24 2008 13:54 Sep 26, 2017 Jkt 046629 PO 00000 Frm 00002 Fmt 0486 Sfmt 0486 L:\HEARINGS 2017\06-06 NOMINATIONS\HEARING\60617.TXT JASON CONTENTS TUESDAY, JUNE 6, 2017 Page Opening statement of Chairman Crapo ................................................................. 1 Opening statements, comments, or prepared statements of: Senator Brown .................................................................................................. 2 WITNESSES Rob Portman, a U.S. Senator from the State of Ohio ........................................... 4 Jeanne Shaheen, a U.S. Senator from the State of New Hampshire .................. 5 NOMINEES Kevin Allen Hassett, of Massachusetts, to be Chairman, Council of Economic Advisers ................................................................................................................ 5 Prepared statement .......................................................................................... 30 Biographical sketch of nominee ....................................................................... 32 Responses to written questions of: Senator Brown ........................................................................................... 89 Senator Sasse ............................................................................................ 95 Senator Reed .............................................................................................. 102 Senator Menendez ..................................................................................... 103 Senator Warner ......................................................................................... 103 Senator Heitkamp ..................................................................................... 104 Senator Cortez Masto ................................................................................ 107 Senator Schatz ........................................................................................... 108 Pamela Hughes Patenaude, of New Hampshire, to be Deputy Secretary, U.S. Housing and Urban Development ....................................................................... 8 Prepared statement .......................................................................................... 77 Biographical sketch of nominee ....................................................................... 79 Responses to written questions of: Senator Brown ........................................................................................... 114 Senator Shelby ........................................................................................... 121 Senator Sasse ............................................................................................ 121 Senator Reed .............................................................................................. 122 Senator Menendez ..................................................................................... 123 Senator Heitkamp ..................................................................................... 129 Senator Cortez Masto ................................................................................ 131 Senator Schatz ........................................................................................... 134 ADDITIONAL MATERIAL SUPPLIED FOR THE RECORD Letters submitted in support of the nomination of Kevin Allen Hassett ............ 136 Letters submitted in support of the nomination of Pamela Hughes Patenaude 142 (III) VerDate Nov 24 2008 13:54 Sep 26, 2017 Jkt 046629 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 L:\HEARINGS 2017\06-06 NOMINATIONS\HEARING\60617.TXT JASON VerDate Nov 24 2008 13:54 Sep 26, 2017 Jkt 046629 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 L:\HEARINGS 2017\06-06 NOMINATIONS\HEARING\60617.TXT JASON NOMINATIONS OF KEVIN ALLEN HASSETT, OF MASSACHUSETTS, TO BE CHAIRMAN, COUN- CIL OF ECONOMIC ADVISERS AND PAMELA HUGHES PATENAUDE, OF NEW HAMPSHIRE, TO BE DEPUTY SECRETARY, U.S. HOUSING AND URBAN DEVELOPMENT TUESDAY, JUNE 6, 2017 U.S. SENATE, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, Washington, DC. The Committee met at 10:05 a.m., in room SD–538, Dirksen Sen- ate Office Building, Hon. Mike Crapo, Chairman of the Committee, presiding. OPENING STATEMENT OF CHAIRMAN MIKE CRAPO Chairman CRAPO. This hearing will come to order. This morning, we will consider the nominations of Mr. Kevin Hassett to be Chairman of the Council of Economic Advisers and the Honorable Pamela Patenaude to be the Deputy Secretary for the United States Department of Housing and Urban Development. We will begin today’s hearing with an opening statement by me and then by Senator Brown. And then I will turn to Senator Portman, who will introduce Mr. Hassett, and to Senator Shaheen, when she arrives, who will introduce Ms. Patenaude. I see friends and family behind you as well, and I also see my good friend Bob Dole—at least I did just a minute ago—and we welcome him here. Each of these nominees stands to impact the standard of living for Americans across the country and will play an important role in spurring economic opportunity. Mr. Hassett has had a distinguished career in economics that in- cludes positions in academia, Government, and policy. He is a widely consulted expert on economic policy and has contributed countless scholarly papers, commentary, and testimony. His nomi- nation has received bipartisan support from notable economists, in- cluding past CEA Chairmen. Mr. Hassett’s particular understanding of tax policy and the way it affects citizens and businesses will be an invaluable asset to the Administration. He has extensive experience with economic mod- eling and will be able to provide sound economic analysis for pro- growth policies. Key to economic growth is not only robust financial markets, but also economic policies that will best enable all Ameri- (1) VerDate Nov 24 2008 13:54 Sep 26, 2017 Jkt 046629 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 L:\HEARINGS 2017\06-06 NOMINATIONS\HEARING\60617.TXT JASON 2 cans to unlock their potential. I look forward to hearing from Mr. Hassett on how economic analysis can play a role in achieving this goal. Ms. Patenaude is a seasoned veteran in housing and community development who has held leadership roles at the local and Federal level. Twelve years ago, Ms. Patenaude received unanimous sup- port from this Committee and was confirmed by the Senate with a voice vote to become Assistant Secretary for Community Planning and Development at HUD. In this role, Ms. Patenaude oversaw all of the Department’s community development operations. As a former leader in a local housing agency, she has on-the- ground experience and developed an important understanding of the impact HUD’s policies have on local partners. Ms. Patenaude’s nomination has been met with bipartisan support as well from in- dustry leaders, affordable housing advocates and public housing agencies alike. This speaks to Ms. Patenaude’s distinguished reputation and her commitment to addressing important housing issues. I look forward to working with Ms. Patenaude on opportunities to improve the efficiency of HUD programs, reduce regulatory bur- dens on local housing authorities, leverage more private capital, empower local decision making, encourage self-sufficiency, and ad- dress comprehensive housing finance reform. At this time, I ask unanimous consent to enter into the record two letters endorsing Mr.
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