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 ECONOMY:

“When you look at the Biden economy, if you wanted to create a blueprint to ruin America, you would do what the radical Left is doing to our country right now. In the last two years, we’ve seen 13.5% inflation, 40% increase in gas, 40% increase in food, 20% increase in electricity. So, what does the Federal Reserve do to combat inflation? Nine consistent and consecutive rate increases. It’s like using a hammer when you wish you had a scalpel.”

“The Biden economy is destroying American families’ economic future[s] every single day. Having been raised by a single mother, I will tell you this: when gas goes up 40%, it’s not a problem—it’s a crisis. For senior citizens on a fixed income, this is one of the [most] challenging times they’ve ever seen. And when you think about the banking system and a new bailout, it causes you to question where we are as a country. The Biden leadership has been terrible, and it is getting worse by the day.”

“A strong president stands in the gap and makes sure our vital interests are taken care of. We close our border. We stop spending money. Four trillion dollars less of spending means inflation comes down, interest rates come down, and Americans get to keep more of their hard-earned money.”

ON RANKING MEMBER SCOTT’S SOLUTION TO THE FENTANYL CRISIS:

“Strong leadership is the simplest and shortest answer… I have legislation that will come out tomorrow or Monday that would stop the flow of fentanyl by targeting the Mexican cartels. You have to hit them where it hurts the most—it’s in their pocketbooks, in their bank accounts. We should use our resources as a government to attack those challenges that we face.”

“The truth is we have unsafe, wide open, and insecure borders leading to 70,000 Americans killed by fentanyl, including a friend of mine whose son, at 27 years old, died last month. We should take this seriously. The weakness of the President is showing up in all forms, in all spaces around the world.”

ON THE RECENT BANK FAILURES:

“What you’ll see very clearly is that the regulators for banks over $100 billion had all the power, the supervision they needed. They simply fell asleep at the wheel. They literally cannot tell us the last time that bank had supervisors in it. We’ve asked that question, I’ve asked that question to the heads of the three-letter agencies, and no one could answer simple questions. So, the regulatory failure is a challenge. We do have a strong, resilient system, but today there are questions simply because the Biden economy, plus the Biden regulators, lead to failures in the system.”

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