Majority Press Releases
Scott Statement on Banking Committee Provisions in the One Big Beautiful Bill
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement on the ongoing reconciliation discussions with the Senate parliamentarian as part of Senate Republicans’ One Big Beautiful Bill: “I remain committed to advancing legislation that cuts waste and duplication in our federal government and saves taxpayer dollars. As it stands now, the Banking Committee’s reconciliation provisions will delay the implementation of Section 1071 of Dodd-Frank, which … Continue Reading
June 19, 2025
Chairman Scott Applauds President Trump’s Endorsement of the GENIUS Act
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) today welcomed President Donald Trump’s endorsement of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - bipartisan legislation co-sponsored and championed by Chairman Scott, which passed the Senate earlier this week. The GENIUS Act establishes a first-of-its-kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Chairman Scott’s l… Continue Reading
June 18, 2025
Scott, Colleagues Lead Effort to Strengthen Review of Foreign Land Purchases Near Sensitive U.S. Military Sites
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) is leading an effort to strengthen national security by ensuring the Committee on Foreign Investment in the United States (CFIUS) can effectively review foreign land purchases near sensitive military, intelligence, and national laboratory sites. The Protect Our Bases Act, which Chairman Scott introduced along with Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-T… Continue Reading
June 17, 2025
Scott Champions Historic Senate Passage of GENIUS Act
Washington, D.C. - Today, the United States Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - legislation Chairman Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act - which is led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) - establishes a first of its kind regulatory fr… Continue Reading
June 13, 2025
Scott Op-Ed in the Washington Examiner: The Senate is set to deliver on historic digital assets legislation
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) published an op-ed in the Washington Examiner highlighting the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - legislation to establish a clear regulatory framework for payment stablecoins. The GENIUS Act - which is led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.), Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Als… Continue Reading
June 12, 2025
Scott: “The stakes are high, and the American people deserve a team that is ready to go to work.”
Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) led a hearing to consider the following nominations for positions in the Trump administration: Mr. Ben DeMarzo, to be Assistant Secretary, Department of Housing and Urban Development Mr. Craig Trainor, to be Assistant Secretary, Department of Housing and Urban Development Mr. John Jovanovic, to be Chairman, Export-Import Bank Mr. Francis Brooke, to be Assistant Secretary, Department of the Treasury Mr. David Pe… Continue Reading
June 11, 2025
As Senate Moves to Advance Landmark Stablecoin Legislation, Scott Hails U.S. Leadership in Digital Assets
Washington, D.C. - Today, the U.S. Senate took an important step towards passing the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - legislation led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.), Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) - to establish a clear regulatory framework for payment stablecoins. Ahead of the procedural vote, Chairman Scott s… Continue Reading
June 6, 2025
Scott Releases Banking Committee Provisions for the One Big Beautiful Bill
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) released legislative text of the Senate Banking Committee’s provisions in Senate Republicans’ One Big Beautiful Bill. The committee’s language strengthens the American economy by cutting waste and duplication in financial regulation and funding an important tool to bolster our national security. “Congress has a mandate to deliver President Trump’s agenda for the American people - and that means streamlining the federal bureaucracy, cutting r… Continue Reading
June 4, 2025
Scott Applauds Michelle Bowman’s Confirmation as Federal Reserve Vice Chair for Supervision
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after the United States Senate confirmed Michelle Bowman to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. “The Federal Reserve’s Vice Chair for Supervision plays a critical role in safeguarding our banking system and ensuring a prosperous economy. During the previous administration, we saw the negative impacts of poor direction in the position, … Continue Reading
May 23, 2025
Scott, Hassan Lead Effort to Solidify Sanctions on Iranian Regime
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) and Senator Maggie Hassan (D-N.H.) are leading an effort to cement sanctions that restrict funding for Iran’s energy and weapons sectors, thereby curtailing the regime’s ability to finance terrorism and develop its nuclear program. The Solidify Iran Sanctions Act - which is cosponsored by Senators Sheldon Whitehouse (D-R.I.), Jacky Rosen (D-Nev.), and Bill Hagerty (R-Tenn.) - would make permanent energy and weapons sanctions… Continue Reading
May 22, 2025
Scott Highlights Important Role of Defense Production Act in Keeping America Secure
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) today emphasized the important role the Defense Production Act (DPA) plays in protecting the American people and securing supply lines critical to our national defense and emergency preparedness. Chairman Scott stressed the need for the DPA to remain tailored to prioritize defense production, emergency preparedness, and the protection of critical domestic supply chains. Chairman Scott’s opening remarks as delivered: I’m st… Continue Reading
May 21, 2025
Scott, Banking Republicans Raise Concerns Over Proxy Advisors’ Influence of U.S. Public Companies
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.), Subcommittee on Securities, Insurance, and Investment Chairman Mike Rounds (R-S.D.), and Protecting Main Street Investors Working Group Chairman Bill Hagerty (R-Tenn.) are raising concerns over proxy advisors’ influence over the corporate governance of U.S. public companies. In a letter to the leaders of Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., the Banking Committee Republicans highlight the… Continue Reading
May 19, 2025
Scott, Colleagues Pave the Way for Historic Digital Asset Legislation
Washington, D.C. - Today, the U.S. Senate voted to begin consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill to establish the first-ever regulatory framework for payment stablecoins. This legislative effort is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders. The GENIUS Act advanced out of the Banking … Continue Reading
May 9, 2025
President Trump Signs Chairman Scott’s Resolution Overturning Biden Overdraft Rule
Washington, D.C. - Today, President Trump signed into law Chairman Tim Scott’s (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Biden Consumer Financial Protection Bureau’s (CFPB) final rule imposing price controls on overdraft fees. The rule would have resulted in reduced access to credit and important financial services for hardworking Americans. “The Biden administration’s ill-conceived rule imposing new price controls on overdraft services provided by banks and credit unio… Continue Reading
May 8, 2025
Scott Calls Out Democrats for Putting Politics Ahead of Historic Digital Assets Legislation
Washington, D.C. - Today, after Senate Democrats voted against a procedural step to begin consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Senate Banking Committee Chairman Tim Scott (R-S.C.) spoke on the Senate floor and called out Democrats for playing politics with bipartisan legislation. The GENIUS Act, a bill to establish the first ever regulatory framework for payment stablecoins, was the result of months of bipartisan negotiations and ex… Continue Reading
May 8, 2025
Myth vs. Fact: The GENIUS Act
Washington, D.C. - Today, the Senate is set to take an important procedural step forward on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - legislation to establish the first ever regulatory framework for payment stablecoins. The bill is the result of months of bipartisan negotiations and extensive consultation with industry participants, academic experts, and government stakeholders. Ahead of procedural vote on the GENIUS Act, here are the facts: TOPLINE: S… Continue Reading
May 6, 2025
Democrats Block Scott’s Attempt to Confirm President Trump’s Nominees
Washington, D.C. - Today, Senate Democrats blocked Chairman Tim Scott’s (R-S.C.) effort to confirm two of President Trump’s nominees for top financial and transportation posts. Chairman Scott sought unanimous approval of the nominations of Luke Pettit, nominee to be Assistant Secretary of the Treasury, and Marcus Molinaro, nominee to be Federal Transit Administrator. The nominees advanced out of the Senate Banking Committee last month by votes of 19-5 and 20-4, respectively. Click here or on … Continue Reading
May 6, 2025
Ahead of Historic Senate Vote, Key Stakeholders Voice Support for GENIUS Act
Washington, D.C. - Ahead of the U.S. Senate’s historic vote on legislation to establish the first ever regulatory framework for payment stablecoins, key stakeholders are voicing support for the bill. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) - has benefited from extensive consultation with industry partic… Continue Reading
May 6, 2025
Scott, Banking Committee Colleagues Continue Advancing President Trump’s Nominees
Washington, D.C. - Today, led by Chairman Tim Scott (R-S.C.), the Senate Banking Committee advanced several of President Trump’s nominees for key positions in the administration and at our financial regulators. The following nominees now head to the Senate floor: Mr. Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development Mr. David Woll, to be General Counsel, Department of Housing and Urban Development The Honorable Michelle Bowman, to be Vice Chairman for Super… Continue Reading
May 1, 2025
Senate Majority Leader Expedites Vote on Historic Digital Asset Legislation
Washington, D.C. - Today, Senate Majority Leader John Thune (R-S.D.) initiated a process that expedites a vote on a historic piece of legislation establishing the first ever regulatory framework for payment stablecoins. The bill - the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act - is led by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Chairman Tim Scott (R-S.C.) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.). “The GENIUS Act is a critica… Continue Reading