December 30, 2024

Scott Releases 2024 Banking GOP Year-in-Review and Oversight Report for the 118th Congress

Washington, D.C. – Today, Ranking Member Tim Scott (R-S.C.) released his 2024 Year-in-Review and Oversight Report for the 118th Congress, highlighting Banking Committee Republicans’ accomplishments over the past year and detailing the committee’s oversight work of the Biden-Harris administration during the 118th Congress. Ranking Member Scott and Banking Committee Republicans have worked together to promote economic opportunity and capital formation, put more Americans on the path to homeownership, protect our economic national security, and hold the Biden-Harris administration accountable.

“As a result of the Biden-Harris administration’s policies, hardworking Americans across the country have been met with unprecedented challenges. That’s why, as the Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, I’ve been proud to work with my colleagues to lead serious solutions to these challenges and push back on rules and regulations that have stifled economic opportunity. On the legislative front, we’ve worked on pro-growth policies that support communities across the country and improve financial literacy and financial inclusion. And Congress successfully passed—and the president signed into law—my legislation to target the illicit fentanyl trade and the illegal money laundering operations supporting this devastating criminal enterprise.

“We also know that effective and responsible oversight is key for any successful committee. Throughout my time as Ranking Member, I’ve focused on using the tools at our disposal to ensure our financial and housing regulators are transparent and accountable to the American people. As Senate Banking Republicans look toward next Congress, I am honored to continue leadership of this important committee by fighting for an economy that allows all Americans—regardless of their zip code or income level—to achieve their version of the American Dream,” said Ranking Member Scott.

For a digital copy of Ranking Member Scott’s 2024 Year-in-Review and Oversight Report, click here.

2024 Banking GOP Year-in-Review

Throughout the year, Ranking Member Scott led his Republican colleagues on the committee to advance pro-growth policies to support communities across the country.

To put more Americans on the path towards homeownership and the American Dream, Ranking Member Scott introduced the ROAD to Housing Act to make targeted reforms across all segments of the U.S. housing market and ensure our federal housing regulators are accountable to the taxpayers they serve. Ranking Member Scott also put forward capital markets legislation, the Empowering Main Street in America Act, that will increase access to capital for entrepreneurs in every corner of our nation and allow more Americans to invest in their local communities. And as the scourge of fentanyl plagues too many communities, Congress successfully passed—and the president signed into law—Ranking Member Scott’s FEND Off Fentanyl Act to target the illicit fentanyl trade and the illegal money laundering operations supporting this devastating criminal enterprise.

In his comprehensive legislative solutions, and in events throughout the year, Ranking Member Scott has continued to promote financial literacy and financial inclusion to help more Americans have access to the resources necessary to achieve their version of the American Dream.

Oversight Report for the 118th Congress

During the 118th Congress, Ranking Member Scott used his position as the top Republican committee to conduct rigorous oversight over the Biden-Harris administration’s progressive agenda and rulemaking.

From the Federal Reserve’s Basel III Endgame proposal, to the Securities and Exchange Commission’s climate disclosure rule, to the Consumer Financial Protection Bureau’s mislabeling of legitimate payment incentives, Ranking Member Scott has pushed back on rules and regulations that would stifle economic opportunity and innovation. Ranking Member Scott has also held financial regulators responsible for their supervisory and management failures and pushed them to prioritize their mission over political agendas.

Ranking Member Scott’s longstanding efforts to hold the Biden-Harris administration accountable for its appeasement of Iran resulted in a critical reporting requirement from his Revoke Iranian Funding Act being signed into law, ensuring Congress has the information it needs to take action against the Iranian regime. Ranking Member Scott has continued to work to stop the flow of funds to Iran and its terror proxies.

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