Majority Press Releases
Banking Committee Advances Key Economic, Financial Regulator Nominees
Washington, D.C. - Today, the Senate Banking Committee voted to advance the nominations of Stephen Miran to be Chairman of the Council of Economic Advisers, Jeffrey Kessler to be Under Secretary of Commerce for Industry and Security, William Pulte to be Director of the Federal Housing Finance Agency, and Jonathan McKernan to be Director of the Bureau of Consumer Financial Protection. Chairman Scott’s remarks, as submitted for the record: As we gather here today, we stand at a pivotal moment f… Continue Reading
March 6, 2025
Scott Leads Effort to Combat Debanking
Washington, D.C. - Building on his commitment to address debanking, Chairman Tim Scott (R-S.C.), is leading his fellow Banking Committee Republicans in introducing legislation to curtail the weaponization of federal banking agencies by eliminating the ability for regulators to use reputational risk as a component of supervision. Chairman Scott’s Financial Integrity and Regulation Management Act will eliminate all references to reputational risk as a measure to determine the safety and soundness … Continue Reading
March 3, 2025
Scott, Hill, Colleagues Underscore Importance of Filling Federal Reserve Vacancy
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) led a letter to Treasury Secretary Scott Bessent highlighting the need to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Banking Committee Republican Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), and Bernie Moreno (R-Ohio) joined the letter. House Financial Servic… Continue Reading
February 28, 2025
Scott, Cotton, Colleagues Urge Review of Consolidated Audit Trail
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senator Tom Cotton (R-Ark.) and House Financial Services Committee Chairman French Hill (R-Ark.) in a letter to Acting Chairman of the Securities and Exchange Commission Mark Uyeda urging him to launch a comprehensive review of all aspects of the Consolidated Audit Trail. Banking Committee Republicans Senators John Kennedy (R-La.) and Bill Hagerty (R-Tenn.) joined the letter. Senator John Boozman (R-Ark.), Congressma… Continue Reading
February 28, 2025
Scott Op-Ed in Fox News: My family sacrificed for me. And now I have a plan to unlock opportunity for others
Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and a senior member of the Senate Finance Committee, published the following op-ed in Fox News, highlighting his legislative efforts to increase investment and opportunity in underserved communities across the country. As Black History Month comes to a close, Chairman Scott reiterated his focus on affordable housing, small business growth, financial inclusion, keeping tax r… Continue Reading
February 27, 2025
Scott Highlights Need to Confirm Trump Administration Nominees for Top Economic, Financial Regulator Posts
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.) highlighted the qualifications of President Trump’s nominees to top economic policy and financial regulator posts: Dr. Stephen Miran, nominee to be Chairman of the Council of Economic Advisors, Executive Office of the President Mr. Jeffrey Kessler, nominee to be Under Secretary of Commerce for Industry and Security, Department of Commerce Mr.… Continue Reading
February 27, 2025
Scott, Colleagues Express Concerns with the European Union’s Corporate Sustainability Due Diligence Directive
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined House Financial Services Committee Chairman French Hill (R-Ark.), House Financial Services Subcommittee on Capital Markets Chairman Ann Wagner (R-Mo.), House Financial Services Subcommittee on Financial Institutions Chairman Andy Barr (R-Ky.), and Senate Banking Subcommittee on National Security and International Trade and Finance Chairman Bill Hagerty (R-Tenn.) in voicing concerns regarding the European Union’s Corpo… Continue Reading
February 19, 2025
During Black History Month, Scott Pushes Investment in Underserved Communities
Washington, D.C. - As part of Black History Month, Chairman Tim Scott (R-S.C.) is building on his commitment to increase economic opportunity across the United States. In his role as Chairman of the Senate Banking Committee, and as a senior member of the Senate Finance Committee, Scott is pushing solutions with a goal of unleashing up to $1 trillion of investment into underserved communities. Scott joined Walter Davis, founding member of Peachtree Providence Partners, as part of his Opportunity… Continue Reading
February 13, 2025
Scott, Hill Lead Effort to Roll Back Biden-Era CFPB Overdraft Rule
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) today introduced Congressional Review Act (CRA) resolutions to overturn the Biden administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule’s impact on access to important financial services and reiterated that lawful and contractually agreed upon payment… Continue Reading
February 13, 2025
Scott Meets with Consumer Bank Leaders to Discuss Debanking, Regulatory Issues
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) led a roundtable discussion with Senate Banking Republicans and leaders from the nation’s largest consumer banks focused on debanking and other regulatory issues facing the financial institutions. Click here or on the image above to download the photo. “The debanking of Americans should concern everyone - law-abiding citizens and federally legal businesses deserve access to financial services - regardless of industry or political affilia… Continue Reading
February 12, 2025
Scott Leads Effort to Ease Burdens on Small Businesses
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced commonsense legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administ… Continue Reading
February 11, 2025
Scott Presses Powell to Ensure Economy, Financial Regulation Promotes Opportunity for Hardworking Americans
Washington, D.C. - At today’s hearing on the Semiannual Monetary Policy Report to the Congress, Senate Banking Committee Chairman Tim Scott (R-S.C.) highlighted the importance of the Federal Reserve avoiding political priorities and focusing on building an economy that works for all Americans. In his opening statement, Chairman Scott called out financial regulators who abused their power and forced institutions to debank federally legal businesses and law-abiding citizens. Chairman Scott presse… Continue Reading
February 7, 2025
Scott Statement on Selection of Rodney Hood to Lead OCC
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after President Trump selected Rodney Hood to serve as Acting Comptroller of the Currency. “Congratulations to Rodney Hood on being named Acting Comptroller of the Currency. Throughout his accomplished career, Rodney has focused on expanding access to financial services and improving financial inclusion for all Americans. The OCC has a critical role chartering and supervising our nationa… Continue Reading
February 7, 2025
Scott Meets with FHFA Director Nominee Pulte
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) met with Bill Pulte, President Trump’s nominee to serve as Director of the Federal Housing Finance Agency (FHFA). Click here to download the image. “The Federal Housing Finance Agency has an important mission to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, which collectively support trillions in funding for mortgages to American families. I spoke with FHFA Director-nominee Pulte about the im… Continue Reading
February 5, 2025
Scott Applauds Scott Turner’s Confirmation as Secretary of Housing and Urban Development
Washington, D.C. - Today, the Senate voted to confirm Scott Turner as President Trump’s Secretary of Housing and Urban Development (HUD) by a vote of 55-44. Following the vote, Chairman Tim Scott (R-S.C.) spoke on the Senate floor to highlight Secretary Turner’s life story, qualifications to lead HUD, and their share goal of addressing the housing crisis and increasing access to quality, affordable housing opportunities for Americans across the country. During Secretary Turner’s hearing before … Continue Reading
February 5, 2025
Scott Shines Light on Debanking of Americans, Pledges Solutions
Washington, D.C. - At today’s Senate Banking Committee hearing focused on debanking, Chairman Tim Scott (R-S.C.) highlighted the importance of access to financial services, citing his own story of obtaining a loan to start his small business. Chairman Scott called out the Biden administration’s financial regulators who exploited their power and pressured financial institutions to cut off services to individuals and businesses. Chairman Scott pledged that the committee will work to find solutions… Continue Reading
February 4, 2025
Scott, Hagerty, Lummis, Gillibrand Introduce Legislation to Establish a Stablecoin Regulatory Framework
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) joined Senate Banking Committee members Senators Bill Hagerty (R-Tenn.) and Cynthia Lummis (R-Wyo.), as well as Senator Kirsten Gillibrand (D-N.Y.), in introducing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins. “Stablecoins enable faster, cheaper, and competitive transactions in our digital world and facilitate seamless cross-b… Continue Reading
February 4, 2025
Scott: Congress, Trump Administration Committed to Securing U.S. Leadership in Digital Assets
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined leaders from the Trump administration and Congress today to highlight their shared goal of ensuring the United States remains a leader in the digital asset ecosystem. In a press conference with President Trump’s White House A.I. and Crypto Czar David Sacks, Senate Agriculture Committee Chairman John Boozman (R-Ark.), House Financial Services Committee Chairman French Hill (R-Ark.), and House Agriculture Committee Chai… Continue Reading
February 3, 2025
Scott, Moreno Lead Bill to Provide President Tools to Sanction Foreign Entities Facilitating Illegal Immigration
Washington, D.C. - Chairman Tim Scott (R-S.C.), along with fellow Senate Banking Committee member Senator Bernie Moreno (R-Ohio), is leading an effort to provide President Trump the power to place economic sanctions on foreign entities facilitating illegal immigration into the United States. The Stifling Transnational Operations and Proliferators by Mitigating Activities that Drive Narcotics, Exploitation, and Smuggling Sanctions Act - or the STOP MADNESS Act - would also ensure the president ca… Continue Reading
January 29, 2025
Scott Meets with Stephen Miran
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement after meeting with Stephen Miran, President Trump’s nominee to serve as Chair of the Council of Economic Advisers (CEA): Click here or on the image above to download the photo. “Stephen Miran is an accomplished economist, successful businessman, and served as a trusted senior advisor at the Department of Treasury during the first Trump administration. He will bring much-needed change and ec… Continue Reading