Minority Press Releases
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
May 11, 2023
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
