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 Congress.
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Promoting Commonsense Regulation for Digital Assets
In his agenda for the 119th Congress, Chairman Scott pledged to build a regulatory framework for digital assets and created the first-ever Subcommittee on Digital Assets. Chairman Scott hosted White House Crypto Czar David Sacks and fellow committee leaders for a press conference highlighting their shared goal of ensuring the United States remains a leader in the digital asset ecosystem.
Chairman Scott joined Senators Hagerty, Lummis, Gillibrand, and Alsobrooks in introducing the bipartisan GENIUS Act, legislation to establish a clear regulatory framework for payment stablecoins. The GENIUS Act advanced out of the Senate Banking Committee, by a vote of 18-6, with five Democrats joining Republicans in support of the bill.
Addressing Debanking
Chairman Scott has focused on addressing debanking – holding hearings and leading meetings with consumer bank CEOs to find solutions. In each of these events, Chairman Scott heard testimony on how federal banking regulators abuse a subjective concept called “reputational risk” to deny access to financial services. As a result, Chairman Scott led Banking Committee Republicans in introducing the FIRM Act to eliminate the ability for regulators to use reputational risk as a component of supervision. The bill – which has support from a wide-range of stakeholders and industry – advanced out of the committee during the first legislative markup of the 119th Congress. Following committee passage of the bill, federal financial regulators took action to remove this arbitrary regulatory tool in supervision.
Improving Access to Credit
Chairman Scott 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.
Chairman Scott also led the 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. The resolution passed the House and the Senate and awaits President Trump’s signature.
Advancing President Trump’s Nominees
Chairman Scott has made it a top priority to quickly consider and advance President Trump’s well-qualified nominees and ensure the president has his team in place to implement his agenda and usher in a Golden Age of economic prosperity.
- Confirmed:
- Scott Turner, Secretary, Department of Housing and Urban Development
- Stephen Miran, Chairman, Council of Economic Advisors
- Jeffrey Kessler, Under Secretary of Commerce for Industry and Security, Department of Commerce
- Bill Pulte, Director, Federal Housing Finance Agency
- Paul Atkins, Chair, Securities and Exchange Commission
- Advanced Out of Committee:
- Jonathan McKernan, to be Director, Bureau of Consumer Financial Protection
- Jonathan Gould, to be Comptroller of the Currency
- Luke Pettit, to be an Assistant Secretary of the Treasury, Department of the Treasury
- Marcus Molinaro, to be Federal Transit Administrator, Department of Transportation
- Nominations Hearing Held:
- Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development
- David Woll, to be General Counsel, Department of Housing and Urban Development
- Michelle Bowman, to be Vice Chairman for Supervision, Board of Governors of the Federal Reserve System
- John Hurley, to be Under Secretary for Terrorism and Financial Crimes, Department of the Treasury
- David Fogel, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Department of Commerce
- Landon Heid, to be an Assistant Secretary of Commerce, Department of Commerce
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