Scott Joins Fox Business to Discuss Historic Housing Package, Federal Reserve Oversight, and Digital Asset Market Structure Legislation
Washington, D.C. – Chairman Tim Scott (R-S.C.) joined Fox Business this morning to discuss the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025, comprehensive housing legislation to expand and preserve housing supply, improve housing affordability, and increase oversight and efficiency of federal regulators and housing programs. Yesterday, the committee unanimously advanced the legislation following the first bipartisan housing markup in over a decade.
Chairman Scott also discussed his oversight efforts around the Federal Reserve’s lavish spending on renovations, including his tour of the project with President Trump, White House officials, and Chair Jerome Powell. In addition, Chairman Scott highlighted his efforts to provide regulatory clarity for digital assets, including the discussion draft of digital asset market structure legislation he released last week.
Click here or on the image above to watch the interview.
On the ROAD to Housing Act of 2025:
“[Ranking Member Elizabeth Warren] and I don't agree on almost anything, but here's where a place where all Americans agree…Housing prices are too high, the supply too low, and regulations too much. So, we went to work a couple of years ago to get this done. The American people want to achieve the American Dream, the American Dream for so many people, Cheryl, is owning their own home. It took my mama until she was 38 years old to have a house. I want to make sure that number continues to go down for Americans today… I've met with Scott Turner, the Secretary of [Housing and Urban Development], on a number of occasions. We had dinner just a few weeks ago to talk through the housing proposals that we were embedding in this legislation. He has the same vision of President Trump. President Trump wants more homeowners in America. He wants more people achieving the American Dream. You can still be very responsible financially at HUD and achieve that dream. Most of the problems that we see in housing, they are local issues. I spent more than half of my career on the local level, so I know firsthand that those jurisdictions, they control the zoning, they control the building codes. If we give them more carrots and more sticks, if you do what we want, you get more money. You don't, you lose money. This is a simple concept. We don't control housing, but we certainly control the flow of our money.”
On oversight of the Federal Reserve:
“The problem that we see at the Federal Reserve is that instead of talking about interest rates coming down, the President and I are touring a building that is over 25% over budget, hundreds of millions of dollars. At the same time, the average person sitting at their kitchen table, they're trying to figure out how to make their ends meet. But at the Fed, what they're building is something that includes a beautiful beehive garden... I want basic renovations to make sure they're able to do their job. Their job? Full employment, controlling inflation, not building opulent buildings.”
On digital asset market structure legislation:
“President Trump made a promise on the campaign trail to make America the crypto capital of the world. What does that mean? It means having clarity in the market structure so as to allow the innovators to innovate here at home in America. What we had for four years under President Biden was exactly the opposite. We had a chilling effect on innovation. We need more innovation in the financial space. Having clarity in the market structure gives certainty for the innovators and the entrepreneurs to invest their resources in America. This is a multi-trillion dollar industry and we need to be the world leader.”
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