Majority Press Releases
Scott Advances Stablecoin, Debanking Legislation Out of Banking Committee
Washington, D.C. - In its first legislative markup of the 119th Congress, the U.S. Senate Committee on Banking, Housing, and Urban Affairs voted to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bipartisan legislation establishes a clear regulatory framework for payment stablecoins. In his remarks, Chairman Tim Scott (R-S.C.) emphasized that this is a bipartisan leap forward to protect consumers and national security and ensure the industry can g… Continue Reading
March 12, 2025
Scott Leads Hearing on Affordable Housing Crisis, Emphasizes Deregulation, Local Solutions
Washington, D.C. - At today’s U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on solutions to address housing affordability, Chairman Tim Scott (R-S.C.) emphasized the importance of deregulation and empowering states and local governments to adopt policies that work best for their communities. Chairman Scott also highlighted the ROAD to Housing Act, his comprehensive legislation to make targeted reforms across all sectors of the housing market, helping to increase the affordab… Continue Reading
March 11, 2025
Scott Statement on Nomination of Andrew Hughes to Serve as HUD Deputy Secretary
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) today issued the following statement after President Trump nominated Andrew Hughes to serve as Deputy Secretary of the U.S. Department of Housing and Urban Development: “Under the leadership of Secretary Ben Carson, and now under Secretary Scott Turner, Andrew Hughes has been a critical advisor in implementing President Trump’s housing agenda and helping more Americans achieve the American Dream of homeownership. As Deputy … Continue Reading
March 10, 2025
Scott Joins Hagerty, Colleagues in Reintroducing Updated Legislation on Stablecoins
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senators Bill Hagerty (R-Tenn.), Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.) in introducing an update of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins. The bipartisan legislation has benefited from extensive consultation with industry participants, academic expert… Continue Reading
March 7, 2025
Scott on the FIRM Act: “First Step in Ending Debanking”
Washington, D.C. - This week, Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced the Financial Integrity and Regulation Management (FIRM) Act, his legislation to remove reputational risk as a component of federal supervision. The bill, which is the first step to address debanking, has the support of every Republican on the Senate Banking Committee. Key stakeholders in the financial services industry, as well as organizations representing industries that have been debanked, also endo… Continue Reading
March 6, 2025
Scott’s Reputational Risk Legislation Receives Widespread Support
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) introduced legislation to eliminate reputational risk as a component of regulatory supervision. By preventing regulators from being able to use reputational risk as a tool to discriminate against federally legal businesses, Chairman Scott is taking the first step in ending the practice of debanking. The Financial Integrity and Regulation Management Act has received support from a wide range of stakeholders, including from the financial servic… Continue Reading
March 6, 2025
Banking Committee Advances Key Economic, Financial Regulator Nominees
Washington, D.C. - Today, the Senate Banking Committee voted to advance the nominations of Stephen Miran to be Chairman of the Council of Economic Advisers, Jeffrey Kessler to be Under Secretary of Commerce for Industry and Security, William Pulte to be Director of the Federal Housing Finance Agency, and Jonathan McKernan to be Director of the Bureau of Consumer Financial Protection. Chairman Scott’s remarks, as submitted for the record: As we gather here today, we stand at a pivotal moment f… Continue Reading
March 6, 2025
Scott Leads Effort to Combat Debanking
Washington, D.C. - Building on his commitment to address debanking, Chairman Tim Scott (R-S.C.), is leading his fellow Banking Committee Republicans in introducing legislation to curtail the weaponization of federal banking agencies by eliminating the ability for regulators to use reputational risk as a component of supervision. Chairman Scott’s Financial Integrity and Regulation Management Act will eliminate all references to reputational risk as a measure to determine the safety and soundness … Continue Reading
March 3, 2025
Scott, Hill, Colleagues Underscore Importance of Filling Federal Reserve Vacancy
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) led a letter to Treasury Secretary Scott Bessent highlighting the need to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Banking Committee Republican Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), and Bernie Moreno (R-Ohio) joined the letter. House Financial Servic… Continue Reading
February 28, 2025
Scott, Cotton, Colleagues Urge Review of Consolidated Audit Trail
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senator Tom Cotton (R-Ark.) and House Financial Services Committee Chairman French Hill (R-Ark.) in a letter to Acting Chairman of the Securities and Exchange Commission Mark Uyeda urging him to launch a comprehensive review of all aspects of the Consolidated Audit Trail. Banking Committee Republicans Senators John Kennedy (R-La.) and Bill Hagerty (R-Tenn.) joined the letter. Senator John Boozman (R-Ark.), Congressma… Continue Reading
February 28, 2025
Scott Op-Ed in Fox News: My family sacrificed for me. And now I have a plan to unlock opportunity for others
Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and a senior member of the Senate Finance Committee, published the following op-ed in Fox News, highlighting his legislative efforts to increase investment and opportunity in underserved communities across the country. As Black History Month comes to a close, Chairman Scott reiterated his focus on affordable housing, small business growth, financial inclusion, keeping tax r… Continue Reading
February 27, 2025
Scott Highlights Need to Confirm Trump Administration Nominees for Top Economic, Financial Regulator Posts
Washington, D.C. - At today’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Chairman Tim Scott (R-S.C.) highlighted the qualifications of President Trump’s nominees to top economic policy and financial regulator posts: Dr. Stephen Miran, nominee to be Chairman of the Council of Economic Advisors, Executive Office of the President Mr. Jeffrey Kessler, nominee to be Under Secretary of Commerce for Industry and Security, Department of Commerce Mr.… Continue Reading
February 27, 2025
Scott, Colleagues Express Concerns with the European Union’s Corporate Sustainability Due Diligence Directive
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) joined House Financial Services Committee Chairman French Hill (R-Ark.), House Financial Services Subcommittee on Capital Markets Chairman Ann Wagner (R-Mo.), House Financial Services Subcommittee on Financial Institutions Chairman Andy Barr (R-Ky.), and Senate Banking Subcommittee on National Security and International Trade and Finance Chairman Bill Hagerty (R-Tenn.) in voicing concerns regarding the European Union’s Corpo… Continue Reading
February 19, 2025
During Black History Month, Scott Pushes Investment in Underserved Communities
Washington, D.C. - As part of Black History Month, Chairman Tim Scott (R-S.C.) is building on his commitment to increase economic opportunity across the United States. In his role as Chairman of the Senate Banking Committee, and as a senior member of the Senate Finance Committee, Scott is pushing solutions with a goal of unleashing up to $1 trillion of investment into underserved communities. Scott joined Walter Davis, founding member of Peachtree Providence Partners, as part of his Opportunity… Continue Reading
February 13, 2025
Scott, Hill Lead Effort to Roll Back Biden-Era CFPB Overdraft Rule
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) today introduced Congressional Review Act (CRA) resolutions to overturn the Biden administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule’s impact on access to important financial services and reiterated that lawful and contractually agreed upon payment… Continue Reading
February 13, 2025
Scott Meets with Consumer Bank Leaders to Discuss Debanking, Regulatory Issues
Washington, D.C. - Today, Chairman Tim Scott (R-S.C.) led a roundtable discussion with Senate Banking Republicans and leaders from the nation’s largest consumer banks focused on debanking and other regulatory issues facing the financial institutions. Click here or on the image above to download the photo. “The debanking of Americans should concern everyone - law-abiding citizens and federally legal businesses deserve access to financial services - regardless of industry or political affilia… Continue Reading
February 12, 2025
Scott Leads Effort to Ease Burdens on Small Businesses
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced commonsense legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administ… Continue Reading
February 11, 2025
Scott Presses Powell to Ensure Economy, Financial Regulation Promotes Opportunity for Hardworking Americans
Washington, D.C. - At today’s hearing on the Semiannual Monetary Policy Report to the Congress, Senate Banking Committee Chairman Tim Scott (R-S.C.) highlighted the importance of the Federal Reserve avoiding political priorities and focusing on building an economy that works for all Americans. In his opening statement, Chairman Scott called out financial regulators who abused their power and forced institutions to debank federally legal businesses and law-abiding citizens. Chairman Scott presse… Continue Reading
February 7, 2025
Scott Statement on Selection of Rodney Hood to Lead OCC
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after President Trump selected Rodney Hood to serve as Acting Comptroller of the Currency. “Congratulations to Rodney Hood on being named Acting Comptroller of the Currency. Throughout his accomplished career, Rodney has focused on expanding access to financial services and improving financial inclusion for all Americans. The OCC has a critical role chartering and supervising our nationa… Continue Reading
February 7, 2025
Scott Meets with FHFA Director Nominee Pulte
Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) met with Bill Pulte, President Trump’s nominee to serve as Director of the Federal Housing Finance Agency (FHFA). Click here to download the image. “The Federal Housing Finance Agency has an important mission to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, which collectively support trillions in funding for mortgages to American families. I spoke with FHFA Director-nominee Pulte about the im… Continue Reading