Minority Press Releases
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
August 1, 2024
Following Inspector General Report, Scott Once Again Calls on Gruenberg to Show Respect for FDIC Employees, Resign
Washington, D.C. - Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued the following statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency - a long-overdue and necessary decision to support employees and fix th… Continue Reading
July 31, 2024
Scott Emphasizes Importance of Local Solutions in Transportation, Infrastructure
Washington, D.C. - In his opening remarks at today’s U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) stressed the importance of pursuing local solutions to local problems that will promote targeted developments to improve infrastructure in both urban and rural communities. Noting that progressive policies have led to record-high inflation and increased costs across the board, Ranking Membe… Continue Reading
July 31, 2024
Scott Joins Tillis, Senate Banking Republicans to Demand Withdrawal of FDIC’s New Corporate Governance Guidelines
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg exposing the many flaws in the agency's new corporate governance and risk management guidelines that would harm the safety and soundness of the U.S. financial system. “We write to you today regarding the Federal Deposit Insurance Corporation (FDIC)’s notice of p… Continue Reading
July 26, 2024
Scott Highlights Bitcoin’s Potential at ‘Bitcoin 2024’ Conference
Nashville, Tenn. - Ranking Member Tim Scott (R-S.C.) today joined fellow Senate Banking Committee member Senator Cynthis Lummis (R-Wyo.) on a panel entitled “For Love of Country & Bitcoin,” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Ranking Member Scott hailed Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion, and called for a fair regulatory environment for the industry that encourages innovation i… Continue Reading
July 25, 2024
Scott: National Security Policies Must Maximize Domestic Growth, Economic Pain for Adversaries
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) stressed the importance of U.S. economic leadership and called out the Biden administration’s shortsighted policies that have damaged American competitiveness, security, and industry. The Ranking Member highlighted the negative impact the administrat… Continue Reading
July 11, 2024
Scott Highlights Concerns with Biden Nominees’ Records, Qualifications
Washington, D.C. - At today’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) highlighted the records of President Biden’s nominees for financial regulator posts: Christy Goldsmith Romero, nominee to be Chair and Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) Caroline Crenshaw, nominee to be a Member of the Securities and Exchange Commission (SEC) Kristin Johnson, nominee to … Continue Reading
July 9, 2024
Scott Highlights Failures of Bidenomics, Presses Powell to Bring Transparency to Rulemaking Process
Washington, D.C. - In his opening remarks at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs semi-annual hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) highlighted the impacts of Bidenomics on American families. Ranking Member Scott also pushed Chair Powell to bring transparency to the financial regulators’ rulemaking process and reiterated his calls for a re-proposal of the current Basel III Endgame proposal. In response to questioning … Continue Reading
June 25, 2024
Scott Joins Cramer, Hern, Colleagues in Bicameral Amicus Brief Against SEC’s Climate Disclosure Rule
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Kevin Cramer (R-N.D.), Representative Kevin Hern (R-Okla.-01), and 32 additional Members of Congress in filing a bicameral amicus brief in Texas Alliance of Energy Producers, et al v. SEC, requesting the United States Court of Appeals for the Eighth Circuit vacate the agency’s climate disclosure rule. Ranking Member Scott has led the fight in Congress against the radical rule. The b… Continue Reading
June 14, 2024
After Treasury Fails to Provide Iran Sanctions Report, Scott Demands Answers
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) is demanding answers from the U.S. Department of the Treasury after it failed to meet the deadline for a report on high-value Iranian assets around the world that are currently blocked by U.S. sanctions, as well as all Iran-related waivers and sanctions relaxation policies. The report, which was due to Congress on May 24, 2024, is required by law as part of a provision authored by Ranking Member Scott that was included in the national security… Continue Reading
June 13, 2024
Scott Statement on President Biden’s FDIC Nominee
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement after President Biden nominated Christy Goldsmith Romero to replace Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). Ranking Member Scott first called for Chairman Gruenberg to resign from the agency last December. “FDIC employees deserve a safe workplace that allows them to focus on their important mission to safeguard our country’s financial security. Unfortunately, under the le… Continue Reading
June 13, 2024
Scott, Hagerty, Colleagues Introduce Legislation to Subject CFPB to Regular Congressional Appropriations Process
Washington, D.C. - Following yesterday’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) joined Senator Bill Hagerty (R-Tenn.) and his Banking Committee colleagues in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act, legislation that would make the agency accountable to the American people by requiring that its funding be annually appropriat… Continue Reading
June 12, 2024
Scott Calls Out CFPB’s Political Agenda, Highlights Impact of Burdensome Rulemakings
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress, Ranking Member Tim Scott (R-S.C.) held CFPB Director Rohit Chopra accountable for his blind pursuit of additional authority, abuse of enforcement powers, and rulemakings driven by politics instead of policy. Ranking Member Scott, who is leading the effort to overturn the CFPB’s misguided rule on credit card late pe… Continue Reading
May 24, 2024
Scott, Colleagues Oppose Freddie Mac’s Proposed Second Mortgage Product
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today joined Senator Bill Hagerty (R-Tenn.) and his colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson opposing Freddie Mac’s misguided proposal to purchase and guarantee single-family closed-end second mortgages. Every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee, signed the letter to Director Thompson. “This proposed product, if impl… Continue Reading
May 21, 2024
Scott, Hagerty Call on Biden Administration to Withdraw Rule Curtailing Firearms Exports
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) led 21 of their colleagues in calling on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule severely restricting the issuance and limiting the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The letter also calls for BIS leaders to testify in front of the Senate Bank… Continue Reading
May 20, 2024
Scott Statement on FDIC Leadership
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement after Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced he would resign after a new Chairman is confirmed: “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their politica… Continue Reading
May 16, 2024
Scott Blasts Biden Regulators’ Blind Pursuit of Progressive Regulatory Agenda
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the Biden administration’s financial regulators, Ranking Member Tim Scott (R-S.C.) highlighted examples of egregious behavior by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg and its impact on his ability to continue to lead the agency. Ranking Member Scott reiterated his call for Chairman Gruenberg to resign and formally requested the Senate Banking Committee to hold … Continue Reading
May 16, 2024
Scott on Supreme Court’s CFPB Ruling
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) issued the following statement following the United States’ Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America. “The Consumer Financial Protection Bureau lacks important accountability to Congress and the American people, and under Director Chopra, the agency routinely and brazenly acts outside of the scope of its authority - regulating through blog posts and enforcemen… Continue Reading
May 9, 2024
Scott: “There is no shortage of finger pointing for the failures of Bidenomics.”
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) once again called out his Democratic colleagues for shirking responsibility for the consequences of President Biden’s economic policies. At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Scott pointed to the Biden administration’s efforts to target legitimate, standard payment incentives instead of reducing the administration’s burdensome regulatory agenda that has increased costs for consumers across t… Continue Reading
May 7, 2024
Scott Statement on FDIC Report
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released a report investigating allegations of sexual harassment and a toxic work culture at the agency. Since the allegations were first reported, Ranking Member Scott has led Senate Republicans in conducting rigorous oversight and demanding transparency from the FDIC. “An organization’s culture is set from the top. It’s clear the FDIC, its mission, and mos… Continue Reading
