Scott Delivers Results in First Seven Months as Banking Committee Chair
Washington, D.C. – In his first seven months leading the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Tim Scott (R-S.C.) has delivered results for the American people. From advancing legislation through the committee and to President Trump’s desk, to processing nominations for key positions in the administration, to conducing rigorous oversight, Chairman Scott’s efforts have been critical to implementing President Trump’s agenda and putting more Americans on the path towards the American Dream.
“From passing the One Big Beautiful Bill and the GENIUS Act, to advancing comprehensive housing legislation, to confirming President Trump’s well-qualified nominees, I’ve been proud to lead the Banking Committee in delivering big wins for the American people. I look forward to building on the success of our first seven months and continuing our work to improve financial inclusion and create economic opportunity across the country,” said Chairman Scott.
Advancing Legislation
Included in the One Big Beautiful Bill, which was signed into law by President Trump on July 4, 2025, were provisions from the Banking Committee and led by Chairman Scott to cut waste and duplication in our federal government and save hardworking taxpayer dollars. The legislation reins in the unaccountable Consumer Financial Protection Bureau, defunds wasteful Green New Deal spending, and eliminates a Securities and Exchange Commission slush fund.
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In July, President Trump also signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Chairman Scott co-sponsored and championed as it advanced through the Senate. The GENIUS Act establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Chairman Scott’s leadership, the bill passed the Senate Banking Committee with every Republican and five Democrats supporting it. In addition to the GENIUS Act, Chairman Scott and his colleagues released an initial discussion draft of digital asset market structure legislation covering issues under the Banking Committee’s jurisdiction, as well as a Request for Information (RFI) for stakeholders to submit feedback on the draft and on a wide range of questions.
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To help combat the debanking of federally legal businesses and law-abiding Americans, Chairman Scott introduced the Financial Integrity and Regulation Management (FIRM) Act to eliminate all references to reputational risk as a measure to determine the safety and soundness of regulated financial institutions. The bill advanced out of the Senate Banking Committee during the first legislative markup of the 119th Congress. Following committee passage of the bill, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) announced they would remove this arbitrary regulatory tool in their supervision of financial institutions.
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In the committee’s first bipartisan housing markup in over a decade, Chairman Scott led his colleagues in unanimously advancing the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025. The comprehensive housing package takes important steps to increase access to affordable housing for Americans across the country by expanding and preserving housing supply, improving housing affordability, and increasing oversight and efficiency of federal regulators and housing programs.
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President Trump also signed into law Chairman Scott’s 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.
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Processing Nominations
Quickly considering and advancing President Trump’s well-qualified nominees has been a top priority of Chairman Scott to ensure the president has his team in place to deliver on his agenda.
Confirmed:
- Scott Turner, Secretary, Department of Housing and Urban Development
- Stephen Miran, Chairman, Council of Economic Advisors
- Jeffrey Kessler, Under Secretary of Commerce for Industry and Security, Department of Commerce
- Bill Pulte, Director, Federal Housing Finance Agency
- Paul Atkins, Chair, Securities and Exchange Commission
- Jonathan Gould, to be Comptroller of the Currency
- Michelle Bowman, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System
- John Hurley, Under Secretary for Terrorism and Financial Crimes, Department of the Treasury
- Luke Pettit, Assistant Secretary of the Treasury, Department of the Treasury
- Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development
- David Woll, General Counsel, Department of Housing and Urban Development
- Marcus Molinaro, Federal Transit Administrator, Department of Transportation
- Advanced Out of Committee:
- David Fogel, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Department of Commerce
- Landon Heid, to be an Assistant Secretary of Commerce, Department of Commerce
- Ben DeMarzo, to be Assistant Secretary, Department of Housing and Urban Development
- Craig Trainor, to be Assistant Secretary, Department of Housing and Urban Development
- John Jovanovic, to be Chairman, Export-Import Bank
- Francis Brooke, to be Assistant Secretary, Department of the Treasury
- David Peters, to be Assistant Secretary, Department of Commerce
Conducting Oversight
Chairman Scott is leading critical oversight of the Federal Reserve’s (Fed) spending on lavish renovations and pushing the Fed to increase transparency, rightsize rules and regulations, and avoid politics. During the committee’s June hearing with Chair Powell, Chairman Scott asked Powell directly to address the project, likening the renovations, including rooftop garden terraces, ornate water features, Italian beehives, new marble finishes, and a private art collection, to luxury upgrades that belong more in the Palace of Versailles than a public institution. Chairman Scott joined President Trump and White House officials on a tour of the Federal Reserve to see the renovation firsthand. Scott also sent a follow-up letter to Chair Powell, where he outlined a list of questions regarding specific details of the renovations.
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Chairman Scott also raised 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 lack of transparency, accountability, and oversight facing the firms while their decisions impact U.S. public policy on important economic, environmental, and social issues.
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In addition, Chairman Scott led Banking Committee Republicans in urging 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.
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