Minority Press Releases
Scott Opposes Progressive Biden Nominees Before Banking Committee
Washington, D.C. – U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) today voted against the nominations of Jared Bernstein, to serve as Chairman of the Council of Economic Advisers (CEA); Solomon Greene, to serve as Assistant Secretary for Policy Development and Research, Department of Housing and Urban Development; David Uejio, to serve as Assistant Secretary for Fair Housing and Equal Opportunity, Department of Housing and Urban Development; … Continue Reading
May 10, 2023
Scott, Colleagues Warn the SEC’s Regulatory Agenda Will Squeeze Small Businesses
Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is leading a group of Banking Committee Republicans to demand information from the Securities and Exchange Commission (SEC) about the effects of the agency’s aggressive rulemaking on small and emerging businesses. In a letter to SEC Chair Gary Gensler, the Senators rebuked the SEC for pursuing an expansive rulemaking agenda that fails to take into account how … Continue Reading
May 9, 2023
Bipartisan Support Grows for the FEND Off Fentanyl Act
Washington, D.C. – To mark National Fentanyl Awareness Day, Ranking Member Tim Scott (R-S.C.) and Chairman Sherrod Brown (D-Ohio) of the Senate Committee on Banking, Housing, and Urban Affairs highlight the rapidly growing support for the Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act. Chairman Jack Reed (D-R.I.) and Ranking Member Roger Wicker (R-M.S.) of the Senate Committee on Armed Services were original cosponsors of the bill. The bipartisan leaders of the Sena… Continue Reading
May 8, 2023
Scott Challenges Biden Administration on Harmful Mortgage Pricing Changes
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is seeking answers from the Federal Housing Finance Agency (FHFA) about its controversial changes to mortgage financing. In a letter to FHFA Director Sandra Thompson, Ranking Member Scott demanded evidence from the agency to support Director Thompson’s recent claim that changes to mortgage financing will “more accurately align pricing with the expec… Continue Reading
May 4, 2023
Scott Calls for Accountability in Wake of Bank Failures
Washington, D.C. – In his opening statement at today’s hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) highlighted mismanagement by Silicon Valley Bank (SVB) and Signature Bank executives and emphasized the importance of good governance at financial institutions. In addition to calling for executive accountability, the Ranking Member stressed that all entities responsible for the failures of SVB and Signature Bank, in… Continue Reading
May 3, 2023
Scott, Schatz Reintroduce Bill to Protect Flood-Prone Communities
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 Brian Schatz (D-Hawaii) today reintroduced the Repeatedly Flooded Communities Preparation Act to protect flood-prone communities. The bill would provide resources for preventative measures to help flood-prone communities end the costly cycle of repeated flooding and rebuilding. “South Carolinians stood strong when parts of our state were deva… Continue Reading
May 2, 2023
Scott, Thune Lead Colleagues in Fighting Back Against Radical Environmental Agenda
Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator John Thune (R-S.D.) today sent a letter to U.S. Department of the Treasury Secretary Janet Yellen raising concerns with the Federal Insurance Office’s (FIO’s) efforts to force the Biden administration’s unrealistic environmental, social, and governance (ESG) agenda onto the state-regulated insurance industry. This could result in state … Continue Reading
May 2, 2023
Scott: Flood Prevention, NFIP Reforms Can Protect Flood-Prone Communities
Washington, D.C. – In his opening statement at today’s hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) raised concerns about the fiscal condition of the National Flood Insurance Program (NFIP) and explained that reforms of the program and targeted investments in flood prevention are critical to making flood insurance more affordable, accessible, and effective for communities across America. Additionally, the Ranking Member… Continue Reading
May 1, 2023
Scott, Hassan, Hagerty, Rosen Reintroduce Bill to Solidify U.S. Sanctions on Iran
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs; Senator Maggie Hassan (D-N.H.); Senator Bill Hagerty (R- Tenn.); and Senator Jacky Rosen (D-Nev.) today introduced the Solidify Iran Sanctions Act (SISA) to make permanent the Iran Sanctions Act of 1996. Cementing these sanctions will advance national security by restraining Iran from engaging in malign activities that threaten the United States and its allies.… Continue Reading
May 1, 2023
Scott Statement on First Republic Bank
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 on actions regarding First Republic Bank: “Americans should remain confident in our banking system, as it continues to be strong and resilient. I’ve long expressed concerns over broad, taxpayer-funded government intervention, so I'm glad the FDIC heeded my concerns and secured a private market solution for Fir… Continue Reading
April 28, 2023
Scott Statement on Fed, FDIC Bank Failure Reports
Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) issued their reports on the failures of Silicon Valley Bank (SVB) and Signature Bank: “Since we first learned of SVB and Signature Bank’s downfalls, I’ve said this was a failure in three parts – a failure of bank management, a fa… Continue Reading
April 27, 2023
Scott: Expanding Credit Access and Inclusion
Washington, D.C. – In his opening statement at today’s hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) expressed concern over the Biden administration’s ongoing efforts to move away from risk-based pricing across the financial sector. Ranking Member Scott explained that predictive credit scoring lowers rates, increases consumer choice, incentivizes financial responsibility, and provides the foundation for sound under… Continue Reading
April 26, 2023
Scott: Commonsense Reforms to Outdated Federal Housing Policy Can Pave the Road to Housing for More Americans
Washington, D.C. – In his opening statement at today’s legislative hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) outlined the ROAD to Housing Act, which was released as a discussion draft ahead of the hearing, and emphasized how his legislation’s targeted reforms of the U.S. housing market would address decades of failed federal housing policies. Ranking Member Scott underscored the need for new approaches that mea… Continue Reading
April 25, 2023
Banking Committee Introduces Bipartisan Bill to Address the Fentanyl Crisis
Washington, D.C. – The leaders of the Senate Committee on Banking, Housing, and Urban Affairs today introduced the bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act, a sanctions and anti-money laundering bill aimed at combatting the country’s fentanyl crisis by targeting the illicit fentanyl supply chain, from the chemical suppliers in China to the cartels that traffic the drugs in from Mexico. By strengthening current law and directing the Treasury Dep… Continue Reading
April 25, 2023
Scott Releases Discussion Draft of Housing Bill Ahead of Hearing
Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released a discussion draft of the Renewing Opportunity in the American Dream (ROAD) to Housing Act ahead of the committee’s legislative hearing on housing challenges. Crafted from the framework previously released by the Ranking Member, the draft is the next step toward making targeted reforms across all segments of the U.S. housing market. In his openi… Continue Reading
April 19, 2023
Scott Seeks Answers on CFPB Data Breach
Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is requesting a briefing and further information from Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra concerning a breach of sensitive data. In a letter, the Ranking Member expressed concern about the CFPB’s mishandling of data, especially as the agency plans to collect more sensitive information from consumers, small businesses, and lenders.… Continue Reading
April 18, 2023
Scott Expresses Concern over Nominees for Top Economic and Housing Roles
Washington, D.C. – In his opening statement at today’s nomination 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 top roles in economic and housing policy: Jared Bernstein, nominated to be Chairman of the Council of Economic Advisers, Executive Office of the President Solomon Greene, nominated to be Assistant Secretary for Policy Development and Resea… Continue Reading
April 11, 2023
Scott Announces Housing Framework
Washington, D.C. – Today, on the 55th anniversary of the Fair Housing Act’s enactment, Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, announced his framework for the Renewing Opportunity in the American Dream (ROAD) to Housing Act. Federal housing policy has left too many American families behind. For African American families in particular, the homeownership rate remains relatively unchanged since 1968, the year the Fair Ho… Continue Reading
April 4, 2023
Scott: Energy Department’s Misguided Regulation Will Make Homeownership Unaffordable
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, is urging the Department of Energy (DOE) to stop implementing progressive climate policies that will make homeownership less accessible to American families. In a letter to Energy Secretary Jennifer Granholm, Ranking Member Scott warns against asking families to bear the costs of burdensome regulations and asks DOE to follow the law and meaningfully consul… Continue Reading
March 30, 2023
Scott Responds to President Biden’s “Fact Sheet”
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Biden administration published a “fact sheet” pressuring independent financial regulators in an attempt to shift blame over regulatory negligence: “The President’s 'Fact Sheet' is a page right out of his administration’s playbook to grow the size of the government and point the finge… Continue Reading
