Minority Press Releases
Scott Meets with Incoming White House A.I. and Crypto Czar David Sacks
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) met with David Sacks, President Trump’s incoming White House A.I. and Crypto Czar. Click here or on the image above to download the photo. “Blockchain technology and cryptocurrency have the potential to democratize the financial world, and I look forward to working with President Trump, David Sacks, and my colleagues in Congress to develop a regulatory framework for digital assets that encourages innovation here in the United Stat… Continue Reading
December 16, 2024
Scott Statement on Meeting with HUD Secretary Nominee Scott Turner
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) issued the following statement after meeting with Scott Turner, President Trump’s nominee to serve as U.S. Secretary of Housing and Urban Development (HUD): Click here to download the photo. “I enjoyed meeting today with Scott Turner, President Trump’s nominee to serve as the next Secretary of Housing and Urban Development. Scott and I discussed the need to reform our failed federal housing policies, including reducing red tape and … Continue Reading
December 12, 2024
Scott Statement on CFPB’s Final Overdraft Rule
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement on the Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions: “As I’ve said repeatedly, lawful and contractually agreed upon payment incentives promote financial discipline and responsibility and protect access to important financial services. With just over a month until the next administration takes over, Director Chopra should never have finalized this ru… Continue Reading
December 11, 2024
Scott Presses CFPB Director on Resignation, Calls Out Midnight Rulemaking
Washington, D.C. - After Chairman Brown’s last-minute postponement of today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs markup vote on President Biden’s partisan nominees, Ranking Member Tim Scott (R-S.C.) slammed the committee’s dysfunction and lack of transparency. In his opening statement, Ranking Member Scott also called out Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for ignoring his demands to pause rulemaking and pressing forward with an aggressiv… Continue Reading
December 6, 2024
Scott Statement on 11th Hour Markup of Biden Nominees
Washington, D.C. - In response to Chairman Brown’s announcement that the U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold a markup on December 11th of President Biden’s nominees, Ranking Member Tim Scott (R-S.C.) released the following statement: “The American people were loud and clear on November 6th when they rejected the Biden-Harris administration’s radical economic agenda and handed President Trump and the incoming Republican Congress a mandate to usher in a new er… Continue Reading
December 6, 2024
Scott, Banking Republicans Press Biden Administration on Sanctions Enforcement on Iran’s Oil Sector
Washington, D.C. - As part of his ongoing efforts to hold the Biden-Harris administration accountable and stop the flow of funds to Iran and its terror proxies, Ranking Member Tim Scott (R-S.C.) led Senate Banking Republicans in raising concerns with the delayed implementation and enforcement of sanctions on Iran’s oil sector. In a letter to U.S. Secretary of the Treasury Janet Yellen, Ranking Member Scott and his colleagues urged the Treasury Department to deploy all available sanctions enforce… Continue Reading
December 5, 2024
Scott Praises IAIS Decision to Recognize U.S. State-Based Insurance Regulation System
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) praised the International Association of Insurance Supervisors (IAIS) decision to protect the U.S. state-based insurance regulatory system and recognize existing capital requirement models as comparable to international standards. A former insurance agent, Ranking Member Scott has called for this recognition since November 2019. “The U.S. state-based insurance regulation system has resulted in highly competitive, fair markets across th… Continue Reading
December 4, 2024
Scott Statement on Nomination of Paul Atkins to Serve as Chairman of the Securities and Exchange Commission
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement on President Trumps’s nomination of Paul Atkins to serve as Chairman of the Securities and Exchange Commission (SEC): “Our small business owners, retirement savers, and retail investors across the country deserve a leader at the Securities and Exchange Commission who will prioritize the agency’s mission over a partisan political agenda. Paul Atkins has the experience necessary to lead the agency out of Gary Ge… Continue Reading
November 22, 2024
Scott Statement on Scott Turner to be Secretary of Housing and Urban Development
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement on President Trump’s nomination of Scott Turner to serve as Secretary of the Department of Housing and Urban Development (HUD): “For too many Americans across the country, access to quality, affordable housing is out of reach. Federal housing policy has failed hardworking Americans for decades, and they deserve a different approach. I look forward to working with Scott Turner to put more Americans on the path … Continue Reading
November 19, 2024
Scott Statement on FDIC Chairman Martin Gruenberg
Washington, D.C. - In response to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg’s announcement he will resign on January 19th, Ranking Member Tim Scott (R-S.C.) released the following statement: “I’ve called on Martin Gruenberg to resign from the agency for almost a year - yet he’s continued to play politics at the expense of the FDIC’s employees. This announcement is long overdue, but Chairman Gruenberg’s decision to remain in office until the last minute demonstrates … Continue Reading
November 18, 2024
Scott Calls on Biden Administration to Cease Rulemaking, Withdraw Nominations
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) called on the Biden administration’s financial and housing regulators to cease all rulemaking activity and for President Biden to withdraw nominations before the committee. Ranking Member Scott also reminded the regulators to comply with federal retention laws and preserve documents, records, and communications. In a letter to President Biden, Ranking Member Scott wrote, “On November 6th, Americans across the country rejected your administrat… Continue Reading
October 23, 2024
Scott Hosts Financial Services Career Development Event for Students at HBCUs
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) hosted a virtual career development event for students at Historically Black Colleges and Universities (HBCUs) in South Carolina and across the country. During the event, students had the opportunity to join federal regulators and leaders from local and international financial services firms for a discussion on the importance of financial literacy and career pathways in the financial services industry. Participants included: Michell… Continue Reading
October 3, 2024
Scott, Rounds Demand Answers on NY Fed’s Reported Failure to Prevent Funds Flowing to Iran, Terror Proxies
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) and fellow Senate Banking Committee member, Senator Mike Rounds (R-S.D.), are demanding answers following reports that the Federal Reserve Bank of New York (NY Fed) failed to implement basic anti-money laundering controls on account relationships with the Central Bank of Iraq, resulting in potentially billions of dollars flowing to Iran and its terror proxies. Ranking Member Scott and Senator Rounds called out the NY Fed and Federal Reserve Sy… Continue Reading
September 27, 2024
Scott Joins Hagerty, Barr, Colleagues in Sounding Alarm on Europe’s Regulatory Encroachment
Washington, D.C. - Continuing his efforts to push back on the European Union’s (E.U.) attempt to force a progressive climate agenda on U.S. businesses, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member, Senator Bill Hagerty (R-Tenn.), Representative Andy Barr (R-Ky.-06), and their colleagues in urging Treasury Secretary Janet Yellen and senior Biden-Harris administration officials to stand up for U.S. economic interests by addressing regulatory encroachment from the… Continue Reading
September 25, 2024
Scott’s Capital Markets Legislation Receives Broad Support
Washington, D.C. - Ranking Member Tim Scott’s (R-S.C.) recently introduced legislation to revitalize the businesses within our communities and open up our capital markets to all Americans, the Empowering Main Street in America Act, has received broad support from a wide-range of stakeholders. Yesterday, Ranking Member Scott highlighted the legislation at a Punchbowl News event, explaining how the bill will improve access to capital for entrepreneurs across the country, tailor regulations for sm… Continue Reading
September 24, 2024
Scott Highlights Capital Markets Legislation at Punchbowl News Small Business Event
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today joined Punchbowl News for an event focused on small business and the economy. During the panel, Ranking Member Scott highlighted his recently released Empowering Main Street in America Act, which would improve access to capital for entrepreneurs across the country, tailor regulations for small and newly public companies looking to grow and expand their operations, and create new avenues for hardworking Americans to invest in their commun… Continue Reading
September 24, 2024
Scott Leads Banking Republicans in Introducing Capital Markets Reform Legislation
Washington, D.C. - Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, led fellow Banking Committee Republicans in introducing comprehensive legislation to revitalize the businesses within our communities and open up our capital markets to all Americans. Ranking Member Scott’s Empowering Main Street in America Act will boost avenues for capital formation that create jobs and generate economic growth. The Ranking Member’s legislation is the r… Continue Reading
September 12, 2024
Scott Praises Law Enforcement, Calls for Innovation, Education to Protect Consumers from Fraud and Scams
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on consumer fraud and scams, Ranking Member Tim Scott (R-S.C.) praised law enforcement for their tireless efforts to combat financial crime and protect Americans in communities across the country. Ranking Member Scott also acknowledged state financial regulators and financial institutions’ work to educate consumers against different types of scams. Ranking Member Scott thanked Carri Grube Lybarker… Continue Reading
September 11, 2024
Scott Introduces Comprehensive Housing Legislation
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today introduced the ROAD to Housing Act, comprehensive legislation to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market. Ranking Member Scott has made access to quality, affordability housing a top priority during his time in Congress. This legislation is the result of negotiations with stakeholders and follows feedback on the Ranking Member’s legislative framework, discussion … Continue Reading
September 10, 2024
Scott Responds to Vice Chair Barr’s Remarks on Future of Basel III Endgame
Washington, D.C. - In response to Federal Reserve Board Vice Chair for Supervision Michael Barr’s comments today at the Brookings Institution on the future of the Basel III Endgame proposal, Ranking Member Tim Scott (R-S.C.) issued the following statement: “For the last year, I have been consistent in my position that the Federal Reserve’s Basel III Endgame proposal will lead to higher costs and limited access to credit for hardworking Americans. Our financial regulators have yet to justify the… Continue Reading
