Majority Press Releases
Scott, Secretary Turner Visit Affordable Housing Development, Opportunity Zone
Charleston, S.C. - Chairman Tim Scott (R-S.C.) and Secretary of Housing and Urban Development Scott Turner visited One80 Place today, an affordable housing development project in Charleston, South Carolina. One80 Place also has a 6-story, $44 million housing and shelter project currently under construction. Located in an Opportunity Zone, the 70 affordable housing units and 65-bed family shelter will be the first of its kind in the area with hopes to replicate the project across the country in t… Continue Reading
April 14, 2025
Scott Leads Active First 100 Days as Banking Committee Chair, Delivers Results for Hardworking Americans
Washington, D.C. - In the first 100 days of the 119th Congress, Chairman Tim Scott (R-S.C.) led an active agenda as the leader of the Senate Banking Committee. Chairman Scott has prioritized consideration of President Trump’s nominees and advanced legislation to promote economic opportunity and ensure all Americans have access to the resources they need to achieve the American Dream. Chairman Scott joined Fox News to discuss his efforts on the Banking Committee in the first 100 days of the Cong… Continue Reading
April 11, 2025
Scott, Colleagues Lead Bill to Expand Access to Credit for Hardworking Americans
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced the Credit Access and Inclusion Act, legislation to responsibly expand credit access for millions of Americans with limited or non-existent credit histories. By allowing property owners and utility and telecom providers to report payments data to credit reporting agencies, this bill will help consumers with an established track record of paying their bills on time develop a positive credit history. Senators Mike … Continue Reading
April 10, 2025
Scott Highlights Qualifications of Trump Administration, Financial Regulator Nominees
Washington, D.C. - At today’s Senate Banking Committee nominations hearing, Chairman Tim Scott (R-S.C.) called for swift consideration of the following well-qualified nominees for positions in the Trump administration and at our federal financial regulators: Mr. Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development Mr. David Woll, to be General Counsel, Department of Housing and Urban Development The Honorable Michelle Bowman, to be Vice Chairman for Supervision… Continue Reading
April 9, 2025
Scott Applauds Paul Atkins’ Confirmation as SEC Chairman
Washington, D.C. - Tonight, the Senate voted to confirm Paul Atkins as the next Chairman of the Securities and Exchange Commission (SEC). Following the vote, Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement: “Paul Atkins brings a wealth of experience and dedication to safeguarding our capital markets. His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors. Chairma… Continue Reading
April 9, 2025
Scott’s Overdraft CRA Passes House, Heads to President Trump’s Desk
Washington, D.C. - Chairman Tim Scott’s (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Biden Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft fees passed the U.S. House of Representatives today. The CRA resolution, which passed the Senate last month, now heads to President Trump’s desk. “As I’ve said repeatedly, the Biden-era CFPB overdraft rule would harm the very consumers it’s supposed to protect and limit access to credit and important financial serv… Continue Reading
April 4, 2025
Scott, Colleagues Call on FHFA Director to End Waste, Politicization at Agency
Washington, D.C. - Chairman Tim Scott (R-S.C.) led all Banking Committee Republicans in calling on Federal Housing Finance Agency (FHFA) Director Bill Pulte to root out government waste and return the agency and its regulated entities to their core mission of strengthening our housing finance system. Chairman Scott was joined on the letter by Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Bri… Continue Reading
April 3, 2025
Top Financial, Transportation Nominees Advance Out of Senate Banking Committee
Washington, D.C. - Today, led by Chairman Tim Scott (R-S.C.), the U.S. Senate Banking, Housing, and Urban Affairs Committee voted to advance the nominations of Paul Atkins to be Chair of the Securities and Exchange Commission, Jonathan Gould to be Comptroller of the Currency, Luke Pettit to be Assistant Secretary of the Treasury, and Marcus Molinaro to be Federal Transit Administrator. Chairman Scott’s remarks as delivered: Good morning. Hope you’re all doing well. Thank you all for being here… Continue Reading
March 28, 2025
Following Committee Passage of Scott Bill to Eliminate Reputational Risk, Regulators Take Action
Washington, D.C. - After the Senate Banking Committee successfully advanced Chairman Tim Scott’s (R-S.C.) legislation to eliminate reputational risk as a component of bank supervision, federal financial regulators are taking action to remove this arbitrary regulatory tool. On March 20, during the Financial Stability Oversight Council Meeting, Secretary of the Department of the Treasury Scott Bessent voiced his support for banking agencies’ removing reputational risk as a basis for supervisory c… Continue Reading
March 28, 2025
WSJ Editorial Board: Good Night to a Biden Overdraft Rule
Good Night to a Biden Overdraft Rule Wall Street Journal The Editorial Board March 27, 2025 …The upper chamber on Thursday nixed a Consumer Financial Protection Bureau price control on overdraft fees, and now it’s up to the House to finish the job. The Senate passed a resolution, 52-48, disapproving the CFPB overdraft rule. The Congressional Review Act allows Congress to scuttle rules with a majority vote within 60 days, along with the President’s signature… All the other Senate Republican… Continue Reading
March 27, 2025
Senate Passes Scott-Led Effort to Repeal Biden-Era CFPB Overdraft Rule
Washington, D.C. - Today, the Senate passed Chairman Tim Scott’s (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Biden administration Consumer Financial Protection Bureau’s (CFPB) final rule imposing new price controls on overdraft services offered by banks and credit unions. The rule would have led to reduced access to credit and important financial services for hardworking Americans. Last night, Chairman Scott delivered remarks on the Senate floor emphasizing that the rule … Continue Reading
March 27, 2025
Scott Pushes for Blue-Collar Comeback, Highlights Trump Nominees at Hearing
Washington, D.C. - At today’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Chairman Tim Scott (R-S.C.) emphasized the importance of confirming President Trump’s nominees to roll back the Biden administration’s burdensome regulations and unleash a new golden age of economic prosperity. Chairman Scott highlighted the experience and qualifications of: Mr. Paul Atkins, nominee to be Chair of the Securities and Exchange Commission Mr. Jonathan Goul… Continue Reading
March 26, 2025
Scott, Hill Emphasize the Importance of Keeping America the Crypto Capitol at DC Blockchain Summit
Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) participated in a fireside chat at the DC Blockchain Summit 2025. The Chairmen discussed their shared goal of providing regulatory clarity for the digital assets industry and ensuring innovation stays in the United States. Chairman Scott also discussed the GENIUS Act, which advanced out of the Senate Banking Committee with broad bipartisan support… Continue Reading
March 17, 2025
Scott Statement on Michelle Bowman’s Nomination to Serve as Federal Reserve Vice Chair for Supervision
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after President Trump announced the nomination of Michelle Bowman to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. “Since 2018, Governor Michelle Bowman has been an important voice on the Federal Reserve Board in pushing back on burdensome rules and regulations that stifle economic opportunity. I’ve long called for more accountability at the Fed… Continue Reading
March 13, 2025
Scott Advances Stablecoin, Debanking Legislation Out of Banking Committee
Washington, D.C. - In its first legislative markup of the 119th Congress, the U.S. Senate Committee on Banking, Housing, and Urban Affairs voted to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bipartisan legislation establishes a clear regulatory framework for payment stablecoins. In his remarks, Chairman Tim Scott (R-S.C.) emphasized that this is a bipartisan leap forward to protect consumers and national security and ensure the industry can g… Continue Reading
March 12, 2025
Scott Leads Hearing on Affordable Housing Crisis, Emphasizes Deregulation, Local Solutions
Washington, D.C. - At today’s U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on solutions to address housing affordability, Chairman Tim Scott (R-S.C.) emphasized the importance of deregulation and empowering states and local governments to adopt policies that work best for their communities. Chairman Scott also highlighted the ROAD to Housing Act, his comprehensive legislation to make targeted reforms across all sectors of the housing market, helping to increase the affordab… Continue Reading
March 11, 2025
Scott Statement on Nomination of Andrew Hughes to Serve as HUD Deputy Secretary
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) today issued the following statement after President Trump nominated Andrew Hughes to serve as Deputy Secretary of the U.S. Department of Housing and Urban Development: “Under the leadership of Secretary Ben Carson, and now under Secretary Scott Turner, Andrew Hughes has been a critical advisor in implementing President Trump’s housing agenda and helping more Americans achieve the American Dream of homeownership. As Deputy … Continue Reading
March 10, 2025
Scott Joins Hagerty, Colleagues in Reintroducing Updated Legislation on Stablecoins
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senators Bill Hagerty (R-Tenn.), Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.) in introducing an update of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins. The bipartisan legislation has benefited from extensive consultation with industry participants, academic expert… Continue Reading
March 7, 2025
Scott on the FIRM Act: “First Step in Ending Debanking”
Washington, D.C. - This week, Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced the Financial Integrity and Regulation Management (FIRM) Act, his legislation to remove reputational risk as a component of federal supervision. The bill, which is the first step to address debanking, has the support of every Republican on the Senate Banking Committee. Key stakeholders in the financial services industry, as well as organizations representing industries that have been debanked, also endo… Continue Reading
March 6, 2025
Scott’s Reputational Risk Legislation Receives Widespread Support
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) introduced legislation to eliminate reputational risk as a component of regulatory supervision. By preventing regulators from being able to use reputational risk as a tool to discriminate against federally legal businesses, Chairman Scott is taking the first step in ending the practice of debanking. The Financial Integrity and Regulation Management Act has received support from a wide range of stakeholders, including from the financial servic… Continue Reading