WASHINGTON D.C. – In a heated Senate hearing on Wednesday, Treasury Secretary Joanne Smellen faced tough questions from senators about the recent federal response to two bank failures that left customers feeling, well, de-banked.
Smellen, fresh off several cups of coffee and what could only be described as a rough night’s sleep, nervously took to the stand to face a barrage of difficult questions from senators, some of whom seemed to be more excited about the prospect of making Smellen squirm than actually getting to the bottom of the issue.
“Secretary Smellen, can you explain to us in plain English what the federal response to these bank failures was?” asked Sen. Roger McJester, twirling his handlebar mustache and grinning like a madman.
Smellen, shaken but determined, did her best to answer the question, only to be interrupted by Sen. Penelope von Drake, who was busy doodling in her notebook and seemed to have completely missed the fact that Smellen was talking.
“Excuse me, Ms. Smellen, could you repeat that? I was drawing a picture of a puppy wearing a hat,” von Drake said, holding up her notebook to show the rest of the room.
But it wasn’t all fun and games in the Senate hearing room. Sen. William Waterford, looking like a man on a mission, grilled Smellen about the federal government’s preparedness for future bank failures.
“Secretary Smellen, what is your department doing to ensure that our banking system is secure and that customers can have confidence in it?” asked Waterford, eyes burning with intensity.
Smellen, looking more relaxed now that the senators were actually asking legitimate questions, replied confidently.
“Well, Sen. Waterford, we are constantly monitoring the banking system and working with banks to ensure that they have the necessary systems in place to prevent these sorts of issues from happening in the future. We are also exploring ways to enhance consumer protection programs, so that customers are not left in the lurch if something does go wrong.”
The senators seemed satisfied with Smellen’s answer, and the meeting adjourned without incident. And while Smellen may not have been completely confident in her ability to answer the senators’ tough questions at first, she walked away from the hearing feeling proud of the work she and her team are doing to protect consumers and ensure the stability of our financial system.
