Hagerty, Bill: Good morning. The subcommittee is going to come to order. Senator Reid has just stepped out to take a quick meeting, and with his permission, I'm going to go ahead and get us started. This is the first hearing of the fiscal year 2027 cycle for the Financial Services and General Government Subcommittee. Before we begin, I want to welcome Senator John Huston to the subcommittee, who has recently joined the committee after the confirmation of our former colleague, Secretary Mullen. And I'd like to congratulate Senator Fischer, a member of this committee, who has acquired now the gavel of the Legislative Branch Subcommittee. Congratulations to you, Deb. Secretary Scott Besen is here with us today to review the Department of the Treasury's fiscal year 2027 budget request. Welcome back, Secretary Besen. I thank you for being here. The department's request for fiscal year 2027 proposes an 11.7% or a $1.5 billion reduction from the amount provided in the prior fiscal year. This request appropriately acknowledges that resources are limited, and it makes deliberate tradeoffs among competing priorities to advance this administration's pro-growth, pro-competition economic agenda. This budget request also reflects a thoughtful effort to balance responsible stewardship of taxpayer resources while continuing to strengthen America's economic and financial leadership, and I appreciate the effort to strike this delicate balance. This budget request proposes solutions to difficult questions that too often some of our predecessors have preferred to avoid. Rather than responding to constraints by simply requesting additional funding, this proposal reflects a focus on improving efficiency and making targeted decisions about where resources can have the greatest impact. Mr. Secretary, I appreciate your leadership and your ability to make tough decisions that save taxpayers money and shape a leaner, more efficient government without compromising the department's core mission. That's an important goal, and one I think most members share. As the department works with these resource constraints, it will be important for Congress to understand how Treasury is prioritizing its activities, where efficiencies are being realized, and how performance outcomes are being measured. That understanding will help ensure that this subcommittee aligns resources with the areas of greatest need and greatest impact. This budget request also reflects the consequential legislation Congress passed and the President signed into law last year, the Working Families Tax Cuts Act, which was an incredible victory for all hardworking Americans. Recent IRS data shows that tax refunds this year are substantially higher than years prior, putting more money back into the pockets of hardworking Americans. The Working Families Tax Cuts Act also made adjustments to how certain income is treated, including relief on items like tips and overtime, as well as expanded deductions for seniors and working families. These changes require Treasury and the IRS to create new guidance, to update systems, and to ensure that taxpayers can easily comply with these most welcome changes. In that vein, I was pleased to see that this budget request does not focus on maintaining the status quo. Rather, it addresses the department's responsibility to implement these major policy reforms, and it ensures that Treasury has the tools needed to carry them out efficiently. Beyond tax administration, this budget also reflects a broader effort to strengthen America's economic position globally. For far too long, unequal, non-reciprocal trade policies have handicapped American businesses, leading to persistent trade deficits and the erosion of our domestic industrial base. Decades of asymmetric policies have also undermined our nation's capacity to produce critical goods like ships and pharmaceuticals, and it has made us increasingly dependent on competitors like China. This administration is taking great strides in resetting the global trade market by negotiating a multitude of international trade agreements and continuing to push an American First agenda. Digital assets and their related technologies present new opportunities for economic growth, for capital formation, and for value storage. Properly deployed, these digital technologies will facilitate safe, secure, and instantaneous payments. America must be the global leader in this sector if we want to retain our position as the world's reserve currency. Our nation has demonstrated that it can lead innovation across any industry when it's provided with the regulatory certainty that's necessary to grow and to invest. That's why last year, President Trump signed into law my stablecoin legislation, the Genius Act, which provided regulatory clarity to help the U.S. remain a leader in digital assets and financial innovation. Your department, Mr. Secretary, played a critical role in the success of this legislation, particularly Luke Pettit and Tyler Williams on the development, joined by Jonathan Greenstein on the implementation. President Trump understands the crucial role that this industry will play in our nation's economic development and international leadership. The President has asked Congress to provide clarity through technology-neutral regulations and transparent government decision-making to foster a robust and vibrant digital economy. I am encouraged by the efforts underway at the Department of Treasury to carry out this objective, and I'm grateful for your support for sensible stablecoin policy as we seek to promote U.S. leadership in digital assets and financial technology while protecting the economic liberty of Americans. Our nation also benefits from constructive relationships with our allies. This subcommittee is grateful for your daily work negotiating tariffs that preserve our strong relationships with those allies. The other side of that coin is countering our adversaries through financial intelligence and sanctions. While Treasury's role in the intelligence community is rarely in focus, its unique capabilities help safeguard the integrity of the American financial system and, ultimately, strengthen America's military power. Treasury's responsibilities today extend well beyond traditional finance. I appreciate your work and look forward to continuing to partner with you to ensure that the Department has the tools it needs to succeed. And I look forward to your testimony, Mr. Secretary. But before you begin your testimony, I now want to turn to my colleague, the Ranking Member of the Subcommittee, Senator Jack Reed.