Minority Press Releases

May 24, 2024

Scott, Colleagues Oppose Freddie Mac’s Proposed Second Mortgage Product

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today joined Senator Bill Hagerty (R-Tenn.) and his colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson opposing Freddie Mac’s misguided proposal to purchase and guarantee single-family closed-end second mortgages. Every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee, signed the letter to Director Thompson. “This proposed product, if impl… Continue Reading


May 21, 2024

Scott, Hagerty Call on Biden Administration to Withdraw Rule Curtailing Firearms Exports

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) led 21 of their colleagues in calling on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule severely restricting the issuance and limiting the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The letter also calls for BIS leaders to testify in front of the Senate Bank… Continue Reading


May 20, 2024

Scott Statement on FDIC Leadership

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) released the following statement after Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced he would resign after a new Chairman is confirmed: “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their politica… Continue Reading


May 16, 2024

Scott Blasts Biden Regulators’ Blind Pursuit of Progressive Regulatory Agenda

Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the Biden administration’s financial regulators, Ranking Member Tim Scott (R-S.C.) highlighted examples of egregious behavior by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg and its impact on his ability to continue to lead the agency. Ranking Member Scott reiterated his call for Chairman Gruenberg to resign and formally requested the Senate Banking Committee to hold … Continue Reading


May 16, 2024

Scott on Supreme Court’s CFPB Ruling

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) issued the following statement following the United States’ Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America. “The Consumer Financial Protection Bureau lacks important accountability to Congress and the American people, and under Director Chopra, the agency routinely and brazenly acts outside of the scope of its authority - regulating through blog posts and enforcemen… Continue Reading


May 9, 2024

Scott: “There is no shortage of finger pointing for the failures of Bidenomics.”

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) once again called out his Democratic colleagues for shirking responsibility for the consequences of President Biden’s economic policies. At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Scott pointed to the Biden administration’s efforts to target legitimate, standard payment incentives instead of reducing the administration’s burdensome regulatory agenda that has increased costs for consumers across t… Continue Reading


May 7, 2024

Scott Statement on FDIC Report

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released a report investigating allegations of sexual harassment and a toxic work culture at the agency. Since the allegations were first reported, Ranking Member Scott has led Senate Republicans in conducting rigorous oversight and demanding transparency from the FDIC. “An organization’s culture is set from the top. It’s clear the FDIC, its mission, and mos… Continue Reading


May 2, 2024

Scott: The Biden administration’s spending policies caused this economic pain.

Washington, D.C. - At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) pushed back against Democrats’ efforts to shift the blame for the economic hardships facing Americans across the country. Ranking Member Scott called out President Biden’s policies that have made almost every aspect of American life more challenging - for those living paycheck to paycheck trying to afford groceries, to families looking to buy a home or pay rent, to har… Continue Reading


April 23, 2024

Scott-Led Efforts to Crack Down on Fentanyl Trade, Expose Iranian Assets Pass Senate

Washington, D.C. - Today, Ranking Member Tim Scott’s (R-S.C.) legislative efforts to crack down on the illicit fentanyl supply chain and to expose high-value Iranian assets passed the Senate as part of the national security supplemental. Included in the supplemental package is Ranking Member Scott’s FEND Off Fentanyl Act, his sanctions and anti-money laundering bill to target the China-Mexico illicit fentanyl supply chain. The supplemental package also includes an important provision from his Re… Continue Reading


April 19, 2024

Support Grows for Scott’s Resolution to Overturn Radical Climate Disclosure Rule

Washington, D.C. - Ranking Member Tim Scott’s (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission’s (SEC) burdensome climate disclosure rule continues to gain support across a wide-range of stakeholders, including the American Petroleum Institute, Heritage Action, Americans for Tax Reform, Americans for Prosperity, and the American Energy Alliance. Here's what they are saying: “From day one, this administration has advanced an all-of-government… Continue Reading


April 18, 2024

Scott on Housing in America: “The American Dream of homeownership is further out of reach today than it was just a few years ago.”

Washington, D.C. - As too many Americans struggle to afford rent and mortgage payments, and as homelessness rates reach record-high levels, the U.S. Senate Committee on Banking, Housing, and Urban Affairs today held a long-overdue hearing with U.S. Department of Housing and Urban Development (HUD) Acting Secretary Adrianne Todman and Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson. Ranking Member Tim Scott (R-S.C.) has pushed for this hearing for over a year given the housing c… Continue Reading


April 17, 2024

Scott Leads Effort to Roll Back SEC’s Climate Disclosure Rule

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today introduced a Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission’s (SEC) radical climate disclosure rule which would bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity. Every Republican on the Senate Banking Committee, including Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynth… Continue Reading


April 16, 2024

Scott Statement on House Passage of His Bill to Cement U.S. Sanctions on Iran

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) issued the following statement after the U.S. House of Representatives passed his Solidify Iran Sanctions Act (SISA), by a vote of 407 to 16, to make permanent energy and weapons sanctions in the Iran Sanctions Act of 1996. The bill, if signed into law, would cement sanctions that restrict funding for Iran’s energy and weapons sectors, thereby curtailing the regime’s ability to finance terrorism and develop its nuclear program. “Today is an i… Continue Reading


April 16, 2024

Scott, Reed Lead Resolution Declaring April 2024 Financial Literacy Month

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) and fellow member of the Senate Banking Committee, Senator Jack Reed (D-R.I.), are leading a resolution to declare April 2024 as Financial Literacy Month. The senators are co-chairs of the Financial Literacy Caucus. 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 providing resources to help Americans of all … Continue Reading


April 14, 2024

Scott Calls on Biden to Stand with Israel, Deny Funding to Iran

Washington, D.C. - In response to Iran’s attacks on Israel, Ranking Member Tim Scott (R-S.C.) called on the Biden administration to support Israel and reverse course on its appeasement of Iran. The Ranking Member has continued to push back on the Biden administration’s disturbing pattern of sanctions non-enforcement and sanctions relief to Iran, which have made funds more accessible for the Iranian regime and its terror proxies to attack U.S. servicemembers and our allies. “Let’s be clear: Pres… Continue Reading


April 12, 2024

Scott Calls on Treasury to Block Iran’s Access to Funds, Demands Accounting of High-Value Iranian Assets

Washington, D.C. - After U.S. Department of Treasury Deputy Secretary Wally Adeyemo admitted in testimony that any dollar Iran has access to funds terrorism, Ranking Member Tim Scott (R-S.C.) continues to press the Biden administration on U.S. enabled payments to Iran. In a letter to Treasury Secretary Janet Yellen, Ranking Member Scott requested an accounting of all international high-value Iranian assets around the world that are currently blocked by U.S. sanctions and to provide additional st… Continue Reading


April 9, 2024

Scott Calls for Decisive Action to Bolster National Security, Protect American Families

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) called on the Biden administration to take decisive action to bolster our national security and protect the safety of American families. During a Senate Committee on Banking, Housing, and Urban Affairs hearing with the U.S. Department of Treasury Deputy Secretary Wally Adeyemo, Ranking Member Scott pressed the Deputy Secretary on the Biden administration’s pattern of sanctions relief to adversarial nations that have hurt U.S. national s… Continue Reading


April 8, 2024

Scott Works to Overturn CFPB’s Credit Card Fee Rule

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) introduced a measure to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping credit card late penalties. Ranking Member Scott’s Congressional Review Act (CRA) resolution has the support of Republicans on the Senate Banking Committee and from members across the Republican conference. Senators John Thune (R-S.D.), John Barrasso (R-Wyo.), Jerry Moran (R-Kan.), John Boozman (R-Ark.), Steve Daines (R-Mont.), Mike Rounds (… Continue Reading


April 4, 2024

Following Release of Additional Iran Sanctions Waivers, Scott Leads Republicans in Demanding Transparency from Biden Administration

Washington, D.C. - In response to the Biden administration’s recent decision to release yet another Iran sanctions waiver, potentially worth billions of dollars, Ranking Member Tim Scott (R-S.C.) is continuing to lead efforts to hold the administration accountable and demand transparency for the American people on U.S. enabled payments to Iran, the leading state sponsor of terrorism. In a letter to Secretary of the Treasury Janet Yellen and Secretary of State Antony Blinken, 13 Republican Senato… Continue Reading


March 21, 2024

Citing Record Homelessness, Scott Condemns Biden Administration’s Housing Policies

Washington, D.C. - Following reports of the highest homelessness levels ever recorded, Ranking Member Tim Scott (R-S.C.) and seven Senate Banking Committee Republicans called out the Biden administration’s failure to address this growing problem. In a letter to the Secretary of the Department of Housing and Urban Development (HUD), the senators noted that while the agency has received record funding to combat homelessness, much of the money remains unspent, and pointed to the administration’s po… Continue Reading

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