Minority Press Releases
Scott: Commonsense Reforms to Outdated Federal Housing Policy Can Pave the Road to Housing for More Americans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
March 28, 2023
Scott Slams Regulators for Supervisory Failures
Washington, D.C. – In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) emphasized that the recent failures of Silicon Valley and Signature Banks were the result of bank mismanagement, supervisory neglect, and the Biden administration’s inflation crisis, which caused the need for rapid interest rate hikes. Focusing specifically on supervisory neglect, Ranking Member Scott cited reports that … Continue Reading
March 24, 2023
Banking Committee Republicans Probe Federal Reserve Supervision of SVB
Washington, D.C. – Banking Committee Republicans, led by Ranking Member Tim Scott (R-S.C.), are demanding answers and seeking records from the Federal Reserve Board of Governors and the Federal Reserve Bank of San Francisco regarding their supervision of Silicon Valley Bank (SVB) in the leadup to its failure. The Republican members of the Committee are striving to deliver transparency and accountability for the American people, an effort they will continue on Tuesday as regulators testify … Continue Reading
March 23, 2023
Scott Addresses Biden’s Economy, Bank Failures, and Fentanyl on Fox Business
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, joined Fox Business’s Mornings with Maria to discuss the Biden administration’s mishandling of the economy and the recent bank failures. The Ranking Member also announced his plan to release a bill to strengthen sanctions and curb the flow of fentanyl into the United States.Watch the full interview here.ON THE BIDEN ADMINISTRATION’S MISHANDLING OF THE EC… Continue Reading
March 23, 2023
Scott, Brown Urge Bank CEO's To Testify Before Committee
WASHINGTON, D.C. — Today, U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Sherrod Brown (D-Ohio), Chairman of the Committee, sent letters to Gregory Becker, former CEO of Silicon Valley Bank, and Joseph DePaolo, former CEO of Signature Bank, to call on them to testify in front of the Committee to answer for the banks’ collapse. “Your testimony would provide substantial information relevant to… Continue Reading
March 22, 2023
ICYMI: Scott Delivers Remarks to the American Bankers Association
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, today delivered remarks to the American Bankers Association (ABA) at a summit in Washington, D.C. In a fireside chat with Rob Nichols, the CEO of ABA, Senator Scott discussed his Banking Committee priorities, including rigorous oversight of financial regulators, promoting financial inclusion and financial literacy, and probing failures surrounding the co… Continue Reading
March 20, 2023
Scott, McHenry Demand Answers from Regulators on SVB and Signature Bank
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 Financial Services Committee, Patrick McHenry (R-N.C.), are formally demanding information from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) regarding their regulatory activities with respect to Silicon Valley Bank (SVB) and Signature Bank for the two years leading up to the collapse of these two banks. The pai… Continue Reading
March 16, 2023
Scott Calls for Local Solutions to Local Transportation Challenges
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on public transportation, Ranking Member Tim Scott (R-S.C.) emphasized that local communities - not the federal government - should be empowered to make decisions on local transportation. Senator Scott emphasized the federal government should not force its progressive climate agenda on municipalities, and instead, should enable communities to address pressing challe… Continue Reading
March 12, 2023
Scott Statement on Government Response to Failures of Silicon Valley Bank and Signature Bank
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 U.S. Department of the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced emergency actions in response to the failures of Silicon Valley Bank (CA) and Signature Bank (NY):“I strongly believe it is important we bring our markets to a calm and orderly resolution. Our financial se… Continue Reading
March 11, 2023
Scott Statement on Silicon Valley Bank
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 failure of Silicon Valley Bank:“I am closely monitoring developments concerning Silicon Valley Bank, and we are in communication with the regulators. Our country is unnecessarily facing an inflationary crisis and the American people deserve transparency and accountability.” ###… Continue Reading
March 7, 2023
Scott Urges Fed Chair to Work for the American People and Avoid Politics
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) emphasized that Americans are still paying the price of high inflation caused by excessive progressive spending. The Senator also expressed the need to keep controversial climate and social policy debates separate from the application of sound economic principles. The Ranking Member conclude… Continue Reading
March 3, 2023
Banking Committee Republicans Urge Fed to Follow the Law on Capital Review
Washington, D.C. - Banking Committee Republicans, led by Ranking Member Tim Scott (R-S.C.), today wrote to Federal Reserve Board Chair Jerome Powell expressing concerns over the Federal Reserve’s “holistic” review of capital, and reminded the Chair that capital requirements must be risk-based and tailored to an institution’s activity, size, and complexity.From the letter:“In 2018, the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was enacted to addr… Continue Reading
February 28, 2023
Scott: America Must Strengthen National Security With Economic Tools
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on national security, Ranking Member Tim Scott (R-S.C.) discussed sanctions, export controls, and other economic tools that can strengthen U.S. national security. Senator Scott emphasized that the U.S. must strategically apply these measures in response to Russian aggression and rising economic threats from China.Ranking Member Scott’s opening remarks as delivered:T… Continue Reading
