Minority Press Releases
Scott Hosts Financial Services Career Development Event for Students at HBCUs
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) hosted a virtual career development event for students at Historically Black Colleges and Universities (HBCUs) in South Carolina and across the country. During the event, students had the opportunity to join federal regulators and leaders from local and international financial services firms for a discussion on the importance of financial literacy and career pathways in the financial services industry. Participants included: Michell… Continue Reading
October 3, 2024
Scott, Rounds Demand Answers on NY Fed’s Reported Failure to Prevent Funds Flowing to Iran, Terror Proxies
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) and fellow Senate Banking Committee member, Senator Mike Rounds (R-S.D.), are demanding answers following reports that the Federal Reserve Bank of New York (NY Fed) failed to implement basic anti-money laundering controls on account relationships with the Central Bank of Iraq, resulting in potentially billions of dollars flowing to Iran and its terror proxies. Ranking Member Scott and Senator Rounds called out the NY Fed and Federal Reserve Sy… Continue Reading
September 27, 2024
Scott Joins Hagerty, Barr, Colleagues in Sounding Alarm on Europe’s Regulatory Encroachment
Washington, D.C. - Continuing his efforts to push back on the European Union’s (E.U.) attempt to force a progressive climate agenda on U.S. businesses, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member, Senator Bill Hagerty (R-Tenn.), Representative Andy Barr (R-Ky.-06), and their colleagues in urging Treasury Secretary Janet Yellen and senior Biden-Harris administration officials to stand up for U.S. economic interests by addressing regulatory encroachment from the… Continue Reading
September 25, 2024
Scott’s Capital Markets Legislation Receives Broad Support
Washington, D.C. - Ranking Member Tim Scott’s (R-S.C.) recently introduced legislation to revitalize the businesses within our communities and open up our capital markets to all Americans, the Empowering Main Street in America Act, has received broad support from a wide-range of stakeholders. Yesterday, Ranking Member Scott highlighted the legislation at a Punchbowl News event, explaining how the bill will improve access to capital for entrepreneurs across the country, tailor regulations for sm… Continue Reading
September 24, 2024
Scott Highlights Capital Markets Legislation at Punchbowl News Small Business Event
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today joined Punchbowl News for an event focused on small business and the economy. During the panel, Ranking Member Scott highlighted his recently released Empowering Main Street in America Act, which would improve access to capital for entrepreneurs across the country, tailor regulations for small and newly public companies looking to grow and expand their operations, and create new avenues for hardworking Americans to invest in their commun… Continue Reading
September 24, 2024
Scott Leads Banking Republicans in Introducing Capital Markets Reform Legislation
Washington, D.C. - Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, led fellow Banking Committee Republicans in introducing comprehensive legislation to revitalize the businesses within our communities and open up our capital markets to all Americans. Ranking Member Scott’s Empowering Main Street in America Act will boost avenues for capital formation that create jobs and generate economic growth. The Ranking Member’s legislation is the r… Continue Reading
September 12, 2024
Scott Praises Law Enforcement, Calls for Innovation, Education to Protect Consumers from Fraud and Scams
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on consumer fraud and scams, Ranking Member Tim Scott (R-S.C.) praised law enforcement for their tireless efforts to combat financial crime and protect Americans in communities across the country. Ranking Member Scott also acknowledged state financial regulators and financial institutions’ work to educate consumers against different types of scams. Ranking Member Scott thanked Carri Grube Lybarker… Continue Reading
September 11, 2024
Scott Introduces Comprehensive Housing Legislation
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today introduced the ROAD to Housing Act, comprehensive legislation to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market. Ranking Member Scott has made access to quality, affordability housing a top priority during his time in Congress. This legislation is the result of negotiations with stakeholders and follows feedback on the Ranking Member’s legislative framework, discussion … Continue Reading
September 10, 2024
Scott Responds to Vice Chair Barr’s Remarks on Future of Basel III Endgame
Washington, D.C. - In response to Federal Reserve Board Vice Chair for Supervision Michael Barr’s comments today at the Brookings Institution on the future of the Basel III Endgame proposal, Ranking Member Tim Scott (R-S.C.) issued the following statement: “For the last year, I have been consistent in my position that the Federal Reserve’s Basel III Endgame proposal will lead to higher costs and limited access to credit for hardworking Americans. Our financial regulators have yet to justify the… Continue Reading
August 1, 2024
Following Inspector General Report, Scott Once Again Calls on Gruenberg to Show Respect for FDIC Employees, Resign
Washington, D.C. - Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued the following statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency - a long-overdue and necessary decision to support employees and fix th… Continue Reading
July 31, 2024
Scott Emphasizes Importance of Local Solutions in Transportation, Infrastructure
Washington, D.C. - In his opening remarks at today’s U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) stressed the importance of pursuing local solutions to local problems that will promote targeted developments to improve infrastructure in both urban and rural communities. Noting that progressive policies have led to record-high inflation and increased costs across the board, Ranking Membe… Continue Reading
July 31, 2024
Scott Joins Tillis, Senate Banking Republicans to Demand Withdrawal of FDIC’s New Corporate Governance Guidelines
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg exposing the many flaws in the agency's new corporate governance and risk management guidelines that would harm the safety and soundness of the U.S. financial system. “We write to you today regarding the Federal Deposit Insurance Corporation (FDIC)’s notice of p… Continue Reading
July 26, 2024
Scott Highlights Bitcoin’s Potential at ‘Bitcoin 2024’ Conference
Nashville, Tenn. - Ranking Member Tim Scott (R-S.C.) today joined fellow Senate Banking Committee member Senator Cynthis Lummis (R-Wyo.) on a panel entitled “For Love of Country & Bitcoin,” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Ranking Member Scott hailed Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion, and called for a fair regulatory environment for the industry that encourages innovation i… Continue Reading
July 25, 2024
Scott: National Security Policies Must Maximize Domestic Growth, Economic Pain for Adversaries
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) stressed the importance of U.S. economic leadership and called out the Biden administration’s shortsighted policies that have damaged American competitiveness, security, and industry. The Ranking Member highlighted the negative impact the administrat… Continue Reading
July 11, 2024
Scott Highlights Concerns with Biden Nominees’ Records, Qualifications
Washington, D.C. - At today’s nominations 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 financial regulator posts: Christy Goldsmith Romero, nominee to be Chair and Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) Caroline Crenshaw, nominee to be a Member of the Securities and Exchange Commission (SEC) Kristin Johnson, nominee to … Continue Reading
July 9, 2024
Scott Highlights Failures of Bidenomics, Presses Powell to Bring Transparency to Rulemaking Process
Washington, D.C. - In his opening remarks at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs semi-annual hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) highlighted the impacts of Bidenomics on American families. Ranking Member Scott also pushed Chair Powell to bring transparency to the financial regulators’ rulemaking process and reiterated his calls for a re-proposal of the current Basel III Endgame proposal. In response to questioning … Continue Reading
June 25, 2024
Scott Joins Cramer, Hern, Colleagues in Bicameral Amicus Brief Against SEC’s Climate Disclosure Rule
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Kevin Cramer (R-N.D.), Representative Kevin Hern (R-Okla.-01), and 32 additional Members of Congress in filing a bicameral amicus brief in Texas Alliance of Energy Producers, et al v. SEC, requesting the United States Court of Appeals for the Eighth Circuit vacate the agency’s climate disclosure rule. Ranking Member Scott has led the fight in Congress against the radical rule. The b… Continue Reading
June 14, 2024
After Treasury Fails to Provide Iran Sanctions Report, Scott Demands Answers
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) is demanding answers from the U.S. Department of the Treasury after it failed to meet the deadline for a report on high-value Iranian assets around the world that are currently blocked by U.S. sanctions, as well as all Iran-related waivers and sanctions relaxation policies. The report, which was due to Congress on May 24, 2024, is required by law as part of a provision authored by Ranking Member Scott that was included in the national security… Continue Reading
June 13, 2024
Scott Statement on President Biden’s FDIC Nominee
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement after President Biden nominated Christy Goldsmith Romero to replace Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). Ranking Member Scott first called for Chairman Gruenberg to resign from the agency last December. “FDIC employees deserve a safe workplace that allows them to focus on their important mission to safeguard our country’s financial security. Unfortunately, under the le… Continue Reading
June 13, 2024
Scott, Hagerty, Colleagues Introduce Legislation to Subject CFPB to Regular Congressional Appropriations Process
Washington, D.C. - Following yesterday’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) joined Senator Bill Hagerty (R-Tenn.) and his Banking Committee colleagues in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act, legislation that would make the agency accountable to the American people by requiring that its funding be annually appropriat… Continue Reading
