Despite the hubbub that surrounded her interim appointment last year, Yolanda T. Wheat cruised through a Senate hearing Thursday on her nomination to the National Credit Union Administration board.
"We are looking to move this expeditiously," said Senate Banking Committee Chairman Alfonse M. D'Amato, R-N.Y.
Ms. Wheat joined the NCUA board in April under a recess appointment by President Clinton. She replaced Robert H. Swan, whose six-year term had expired in August 1995. Mr. Swan unsuccessfully sued the government, arguing he should not have been discharged until the Senate confirmed Ms. Wheat.
Sen. Wayne Allard, R-Colo., questioned whether the President's ouster of Mr. Swan had compromised the NCUA board's independence. Ms. Wheat denied that, noting that a federal appeals court upheld her appointment and that Mr. Swan's term had ended.
In response to a question from Sen. D'Amato about the 1995 failure of Capital Corporate Federal Credit Union, Ms. Wheat said the NCUA will vote today on a rule to restrict the investments of corporate credit unions.