Minority Press Releases
Scott Secures Wins in Defense Bill
Washington, D.C. – Ranking Member Tim Scott’s (R-S.C.) legislation to address the fentanyl crisis, the FEND Off Fentanyl Act, is included in the Fiscal Year 2024 National Defense Authorization Act (NDAA). The Ranking Member’s bill uses economic sanctions to target the financial assets of drug traffickers and Chinese fentanyl suppliers. The legislation’s inclusion in the NDAA is the result of Ranking Member Scott’s efforts to garner 66 Senate cosponsors, highlight th… Continue Reading
July 20, 2023
Scott Remarks on Deposit Insurance Reform
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on perspectives for deposit insurance reform in the wake of recent bank failures, Ranking Member Tim Scott (R-S.C.) touched on the importance of deposit insurance to the broader financial system, potential reforms to the existing deposit insurance regime—including the associated costs, and on the ultimate need to maintain consumer confidence in the American financial system… Continue Reading
July 18, 2023
Scott’s Fentanyl Legislation Added to Senate Defense Bill
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) announced that his landmark legislation, the FEND Off Fentanyl Act, was included in the Senate version of the Fiscal Year 2024 National Defense Authorization Act (NDAA), a critical step that brings it closer to becoming law. The Senate will begin voting on the NDAA this week. “Mexican traffickers and Chinese drug suppliers are fueling America’s fentanyl crisis. My FEND Off Fentanyl Act targets the financial assets of these c… Continue Reading
July 12, 2023
Scott Statement on President Biden’s Federal Reserve Nominees
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) released the following statement after the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on three Federal Reserve nominees: Lisa Cook, to serve as Member of the Board of Governors; Adriana Kugler, to serve as Member of the Board of Governors; and Philip Jefferson, to serve as Vice Chairman of the Board of Governors. The Ranking Member supported Jefferson’s nomination and opposed the … Continue Reading
July 11, 2023
Scott, McHenry, Barr, Huizenga Lead Bicameral Amicus Brief Challenging CFPB’s Funding Structure
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) of the Senate Committee on Banking, Housing, and Urban Affairs; Chairman Patrick McHenry (R-N.C.-10) of the House Financial Services Committee; Representative Andy Barr (R-Ky.-06), the Chairman of the Subcommittee on Financial Institutions and Monetary Policy; and Representative Bill Huizenga (R-Mich.-04), the Chairman of the Subcommittee on Oversight and Investigations led a bicameral group of 132 members of Congress in filing an amicus… Continue Reading
June 27, 2023
Scott Op-Ed in The Hill: President Biden’s (Un)Affordable Housing Policies
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, authored the following op-ed in The Hill, voicing opposition to the Biden administration’s ineffective policies that have made housing less affordable across America. As an alternative, the Ranking Member outlined the ROAD to Housing Act, his legislative framework that would increase housing supply, promote affordability, improve quality of life for famil… Continue Reading
June 23, 2023
Momentum Builds for Fentanyl Bill
WASHINGTON, D.C. – The Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act continues to gain support following its unanimous passage out of the U.S. Senate Banking, Housing, and Urban Affairs Committee this week which brings the bill one step closer to becoming law. The sanctions and anti-money laundering bill focused on addressing the fentanyl crisis has earned the support of over sixty cosponsors in the U.S. Senate and the backing of many law enforcement groups. Origin… Continue Reading
June 22, 2023
Scott Urges Federal Reserve Chair to Scrutinize Regulatory Process and Seek Accountability
Washington, D.C. – In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Tim Scott (R-S.C.) called on the Chair to show thoughtful, independent leadership as the Fed navigates a response to supervisory failures in recent bank collapses and efforts to address the nation’s top economic challenges. Excerpts from the Ranking Member’s opener are below: “Just … Continue Reading
June 21, 2023
Scott Raises Concerns Over Federal Reserve Board Nominees
Washington, D.C. – The U.S. Senate Committee on Banking, Housing, and Urban Affairs today considered three of President Biden’s nominees for the Federal Reserve Board of Governors – Philip Jefferson, Lisa Cook, and Adriana Kugler. In his opening statement, Ranking Member Tim Scott (R-S.C.) expressed concerns with two of those nominees and cited highly politicized public statements made by Lisa Cook and Adriana Kugler, questioning whether nominees with such partisan public recor… Continue Reading
June 21, 2023
Scott’s Fentanyl Bill Proceeds Through Key Committee Markup
Washington, D.C. – Ranking Member Tim Scott’s (R-S.C.) legislation to address America’s fentanyl crisis was advanced by the U.S. Senate Committee on Banking, Housing, and Urban Affairs at today’s legislative markup. The FEND Off Fentanyl Act was debated and unanimously passed out of the Committee, a critical step that brings the bill closer to becoming law. In his opening remarks, Ranking Member Scott highlighted how fentanyl overdose deaths have tragically taken lives in… Continue Reading
June 13, 2023
Scott: CFPB’s Reckless Agenda Harms Consumers It Is Meant to Protect
Washington, D.C. – At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on the Consumer Financial Protection Bureau (CFPB), Ranking Member Tim Scott (R-S.C.) stood up for American consumers and businesses by admonishing Director Rohit Chopra for the agency’s progressive regulatory agenda. In his opening statement, the Ranking Member discussed how the agency’s reckless actions reduce access to credit, limit consumer choice, discourage financial r… Continue Reading
June 5, 2023
Scott, Comer Demand Answers as the Biden Administration Coordinates with EU on Progressive Climate Agenda
Washington, D.C. – The Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Scott (R-S.C.), and the Chairman of the House Committee on Oversight and Accountability, James Comer (R-Ky.-01), are demanding answers from the Biden administration about its role in facilitating the European Union’s (E.U.) efforts to impose its progressive climate agenda on American companies. In letters to the Department of the Treasury and the Securities and Exchange Commissio… Continue Reading
May 31, 2023
Scott: The U.S. Must Counter China With Strong Economic Leadership
Washington, D.C. – At today’s hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) asserted that the U.S. must renew its commitment to economic principles that are vital to outcompeting China. Ranking Member Scott criticized the Biden administration for undermining U.S. competitiveness through inflationary spending and by prioritizing progressive policies over urgent problems, such as the fentanyl crisis facilitated by Chi… Continue Reading
May 30, 2023
Scott, Colleagues Introduce Bill to Increase Transparency, Better Protect Children Online
Washington, D.C.– U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs; Senator Roger Wicker (R-Miss.), Ranking Member of the Senate Committee on Armed Services; and Senator James Lankford (R-Okla.) introduced the Know Your App Act to increase transparency and provide parents with information to protect their children online in making informed decisions. The bill would require online app stores to display the country where apps… Continue Reading
May 18, 2023
Scott: Bank Regulators Must Do Their Jobs, Follow the Rule of Law, and Protect the Banking System
Washington, D.C. – At today’s hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) held financial regulators accountable for supervisory failures that contributed to the failures of Silicon Valley and Signature Banks. In his opening statement, the Ranking Member rebuked regulators for sidestepping responsibility and using the failures as justification for progressive economic policies. Ranking Member Scott’s opening… Continue Reading
May 17, 2023
Scott, Manchin Reintroduce Bill to Increase Credit Access and Financial Inclusion
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator Joe Manchin (D-W.Va.) today reintroduced the Credit Access and Inclusion Act to responsibly expand credit access for millions of Americans with limited or non-existent credit histories. This bipartisan legislation would permit property owners and utility and telecom providers to report payments data to credit reporting agencies, allowing consumers w… Continue Reading
May 16, 2023
Scott: Executives of Failed Banks Must Be Held Accountable
Washington, D.C. – At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the executives of Silicon Valley Bank and Signature Bank, Ranking Member Tim Scott (R-S.C.) outlined rampant mismanagement at the two failed banks and demanded answers and accountability while assuring Americans that our banking system is strong and resilient. Ranking Member Scott’s opening remarks as delivered: The last two months have shaken the banking sector. Not only d… Continue Reading
May 12, 2023
Scott, McHenry Urge President Biden to Implement TikTok National Security Finding
Washington, D.C. – Ranking Member Tim Scott (R-S.C.), of the Senate Committee on Banking, Housing, and Urban Affairs, and Chairman Patrick McHenry (R-N.C.), of the House Financial Services Committee, are urging President Biden to implement the 2020 national security finding by the Committee on Foreign Investment in the United States (CFIUS) that TikTok’s operations pose a national security risk to the United States. The lawmakers highlighted how TikTok’s national security risk… Continue Reading
May 12, 2023
Scott Statement on Federal Reserve Nominees
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after President Biden announced his intent to nominate Philip Jefferson to serve as Vice Chair of the Federal Reserve, as well as Lisa Cook and Adriana Kugler, to serve on the Board of Governors of the Federal Reserve: “It is critical during these inflationary times that Federal Reserve nominees are exceptionally qu… Continue Reading
May 11, 2023
Scott’s Opening Statement at Hearing on the SAFE Banking Act
Washington, D.C. – In his opening statement at today’s hearing on cannabis banking legislation before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) emphasized the importance of robust debate on legislation in this space and called for any such legislation to be considered under ‘regular order’ in the Senate, while stressing the need for all currently legal industries to have access to banking services. Ranking Member … Continue Reading
