Majority Press Releases
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
May 1, 2025
Scott, Schatz Push Effort to Provide Resources to Improve Flood Mitigation Strategies
Washington, D.C. - Ahead of the committee’s hearing entitled, “Examining Insurance Markets and the Role of Mitigation Policies,” Chairman Tim Scott (R-S.C.) and Senator Brian Schatz (D-Hawaii) are reintroducing legislation to help flood-prone communities end the costly cycle of repeated flooding and rebuilding. Instead of simply rebuilding the same properties in high-risk, repeated loss areas, which puts unsustainable strain on the National Flood Insurance Program (NFIP) and threatens communitie… Continue Reading
May 1, 2025
Scott Emphasizes Importance of Mitigation Strategies, Commonsense Regulations to Strengthen Insurance Markets
Washington, D.C. - At today’s Senate Banking Committee hearing, Chairman Tim Scott (R-S.C.) highlighted the importance of bolstering mitigation efforts and ensuring coverage is based on sound actuarial and underwriting principles to strengthen insurance markets and allow all Americans the ability to access affordable coverage. Referencing recent natural disasters, Chairman Scott highlighted local mitigation policy failures and market distortions created by counterproductive regulations, and pus… Continue Reading
April 30, 2025
Senate Passes Scott, Reed Resolution Designating April 2025 as Financial Literacy Month
Washington, D.C. - Tonight, the Senate passed Chairman Tim Scott (R-S.C.) and Senator Jack Reed’s (D-R.I.) resolution designating April 2025 as Financial Literacy Month. Recognized by the U.S. Senate since 2004, Financial Literacy Month is a national celebration of financial empowerment that raises awareness on the importance of financial education and provides resources to help Americans of all ages develop and maintain healthy financial habits. “Financial literacy is critical to achieving fin… Continue Reading
April 22, 2025
FACT SHEET: The GENIUS Act Bolsters National Security
Washington, D.C. - The 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.), establishes a clear regulatory framework for payment stablecoins. In the committee’s legislative markup on the bill, Chairman Scott emphasized the bill was a bipartisan leap forward to prot… Continue Reading
April 16, 2025
FACT SHEET: The GENIUS Act Protects Consumers
Washington, D.C. - Last month, the Senate Banking Committee advanced the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act out of the Senate Banking Committee by a vote of 18-6. The legislation, 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 Alsobrooks (D-Md.), earned the support of every Republican on the committee and … Continue Reading
April 14, 2025
Scott, Secretary Turner Visit Affordable Housing Development, Opportunity Zone
Charleston, S.C. - Chairman Tim Scott (R-S.C.) and Secretary of Housing and Urban Development Scott Turner visited One80 Place today, an affordable housing development project in Charleston, South Carolina. One80 Place also has a 6-story, $44 million housing and shelter project currently under construction. Located in an Opportunity Zone, the 70 affordable housing units and 65-bed family shelter will be the first of its kind in the area with hopes to replicate the project across the country in t… Continue Reading
April 14, 2025
Scott Leads Active First 100 Days as Banking Committee Chair, Delivers Results for Hardworking Americans
Washington, D.C. - In the first 100 days of the 119th Congress, Chairman Tim Scott (R-S.C.) led an active agenda as the leader of the Senate Banking Committee. Chairman Scott has prioritized consideration of President Trump’s nominees and advanced legislation to promote economic opportunity and ensure all Americans have access to the resources they need to achieve the American Dream. Chairman Scott joined Fox News to discuss his efforts on the Banking Committee in the first 100 days of the Cong… Continue Reading
April 11, 2025
Scott, Colleagues Lead Bill to Expand Access to Credit for Hardworking Americans
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced the Credit Access and Inclusion Act, legislation to responsibly expand credit access for millions of Americans with limited or non-existent credit histories. By allowing property owners and utility and telecom providers to report payments data to credit reporting agencies, this bill will help consumers with an established track record of paying their bills on time develop a positive credit history. Senators Mike … Continue Reading
April 10, 2025
Scott Highlights Qualifications of Trump Administration, Financial Regulator Nominees
Washington, D.C. - At today’s Senate Banking Committee nominations hearing, Chairman Tim Scott (R-S.C.) called for swift consideration of the following well-qualified nominees for positions in the Trump administration and at our federal financial regulators: 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 Supervision… Continue Reading
April 9, 2025
Scott Applauds Paul Atkins’ Confirmation as SEC Chairman
Washington, D.C. - Tonight, the Senate voted to confirm Paul Atkins as the next Chairman of the Securities and Exchange Commission (SEC). Following the vote, Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement: “Paul Atkins brings a wealth of experience and dedication to safeguarding our capital markets. His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors. Chairma… Continue Reading
April 9, 2025
Scott’s Overdraft CRA Passes House, Heads to President Trump’s Desk
Washington, D.C. - Chairman Tim Scott’s (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Biden Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft fees passed the U.S. House of Representatives today. The CRA resolution, which passed the Senate last month, now heads to President Trump’s desk. “As I’ve said repeatedly, the Biden-era CFPB overdraft rule would harm the very consumers it’s supposed to protect and limit access to credit and important financial serv… Continue Reading
April 4, 2025
Scott, Colleagues Call on FHFA Director to End Waste, Politicization at Agency
Washington, D.C. - Chairman Tim Scott (R-S.C.) led all Banking Committee Republicans in calling on Federal Housing Finance Agency (FHFA) Director Bill Pulte to root out government waste and return the agency and its regulated entities to their core mission of strengthening our housing finance system. Chairman Scott was joined on the letter by Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Bri… Continue Reading