January 28, 2025

Scott Announces Banking Committee Working Groups

Washington, D.C. – Today, Chairman Tim Scott (R-S.C.) announced working groups to tackle key issues within the committee’s jurisdiction. Banking Committee Republicans will lead these initiatives to build consensus and advance solutions to challenges facing the U.S. economy and Americans across the country.

“The Senate Banking Committee has broad jurisdiction over important issues impacting hardworking Americans. I’m announcing committee working groups to tackle key issues that Congress has failed to prioritize for far too long. By utilizing the tremendous talent on the committee, these groups will be critical to building consensus and addressing challenges facing the U.S. economy,” said Chairman Scott.

The following Banking Committee Working Groups will tackle key issues within the committee’s jurisdiction:

Addressing America's National Flood Insurance Program: Led by Senators John Kennedy (R-La.) and Mike Rounds (R-S.D.), the working group will identify and lead solutions for a long-term reauthorization of the National Flood Insurance Program (NFIP) that will provide certainty to homeowners, communities, and insurers. Much-needed reforms would foster adoption of a sustainable flood insurance market, ensure the long-term fiscal sustainability of the program, and align incentives to help families and communities prepare and recover from flooding.

“Currently, the National Flood Insurance Program is not working for the Louisianians or Americans who need it. That makes it impossible to protect their biggest assets—their homes. Our people deserve a National Flood Insurance Program that looks like someone designed the thing on purpose. That’s why Sen. Scott, Sen. Rounds, and I are working to reform and bring transparency to the program,” said Senator Kennedy.

“The National Flood Insurance Program has been operating under a short-term reauthorization for years and with $20 billion in debt, the program is in desperate need of reform. It is time that Congress do the full work of actually reforming the program to provide long-term certainty to homeowners, financial institutions, insurers and other stakeholders. As a former insurance agent, I am grateful to Chairman Scott for trusting Senator Kennedy and myself with this task and we are ready to get to work,” said Senator Rounds.

Protecting Main Street Investors: The current shareholder voting process is broken – activists are exerting undue control on important decisions made in corporate boardrooms. Led by Senator Bill Hagerty (R-Tenn.), the working group will lead solutions to reform the shareholder proposal and proxy advisor process to safeguard Americans’ investments, ensuring we are helping build long-term value for American investors.

“Proxy advisors have advanced partisan agendas that often cut against the best interests of investors,” said Senator Hagerty. “It’s time for Congress to rein in these efforts to contort America’s corporate governance system into yet another progressive lever that reaches well beyond the proper scope of fiduciary duty.”

Reforming Federal Financial Regulatory Agencies: Supervision and accountability are key components in ensuring the safety and soundness of U.S. financial institutions. It is equally imperative that federal financial regulators operate under these same principles to guarantee fair and equal treatment across our financial system. Senator Tillis (R-N.C.) will lead a working group focused on exploring ways to address regulatory transparency, efficacy, and reduce onerous or duplicative regulatory burdens.

“I look forward to leading this new working group focused on the federal financial regulatory agencies,” said Senator Tillis. “Our goal is to ensure that regulators operate with the same transparency, accountability, and fairness we demand from the institutions they oversee. By examining supervisory practices, burdensome regulations, and opportunities to cut red tape, we will work to create a more transparent financial system for all Americans. I’m proud to lead this effort and look forward to working with my colleagues to deliver solutions that will strengthen our economy and help hardworking families across our country.”

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