ICYMI: Chairman Scott Discusses Historic Clarity Act Procedural Vote, Housing Affordability on Fox Business

Washington, D.C. — Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Mornings with Fox Business to discuss the Senate’s procedural vote on the Clarity Act and negotiations over digital asset market structure legislation. Chairman Scott described the vote as an opportunity to continue negotiations and outlined his position on consumer protection, access to financial resources, and the development of digital asset markets in the United States. Chairman Scott also discussed implementation of the 21st Century ROAD to Housing Act, which became law in July, and the role of housing supply, construction alternatives, and borrowing costs in homeownership.

Click here or on the image above to watch the full interview.

On today’s procedural vote on the Clarity Act:

“Today is the first really important vote that we’ve seen on the floor. It is time for everyone to put their cards on the table.”

On digital asset market structure and consumer protection:

“The truth is that without market structure actually being embedded in the laws of our country, you have the wild, wild west, and what we see every single time we step up to create rules of the road, Americans are safer. Developers understand their power and the direction necessary to create here at home in America.”

On implementing housing legislation:

“Well, there’s no doubt that if you look at the housing bill that I sponsored, it took me about three and a half years to get it passed. … It will take time for it to get into the ether, so to speak, into the system.”

On mortgage costs and housing supply:

“There are multiple factors that impact the actual rate that we see for a mortgage, but we have to continue to work to make housing supply more available and make the alternatives in housing more available. By doing so, I think you’ll usher in a new day of homeownership in America.”

On access to the American Dream:

“I’m a guy who believes the American Dream should be more available for everybody in every ZIP code and making that happen means we have to do the right thing, even when it’s hard. This is not a political issue. This should not be Republicans versus Democrats. This should be about whether or not America and Americans will benefit from the evolution of financial markets.”