Minority Press Releases

March 12, 2024

Scott Calls for Action on Housing Legislation

Washington, D.C. - Nearly one year after the Senate Committee on Banking, Housing, and Urban Affairs held a similar hearing on housing legislation, Ranking Member Tim Scott (R-S.C.) today renewed his call for action on solutions to help more Americans access the American Dream of homeownership. Ranking Member Scott highlighted the challenges Americans face as a result of President Biden’s policies - including inflation, high interest rates, and burdensome regulations - that have made homeownersh… Continue Reading


March 11, 2024

Following Months of Silence, Scott Renews Demands for Information from FDIC

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) is renewing his demands for information from the Federal Deposit Insurance Corporation (FDIC) regarding allegations of sexual harassment, discrimination, and other workplace misconduct at the agency. Last December, Ranking Member Scott led fellow Banking Committee Republicans in calling on FDIC Chairman Martin Gruenberg to provide detailed information regarding the recent allegations, and to resign as Chairman and Board Member. More than three… Continue Reading


March 7, 2024

Scott to Powell: For far too many, the American Dream seems further out of reach.

Washington, D.C. - During today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs semi-annual hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) highlighted the harsh economic reality that Americans across the country are still facing and urged the Chair to commit to transparency and accountability while deciding key economic policy. Ranking Member Scott called on the Federal Reserve to remain focused on economic priorities instead of political prio… Continue Reading


March 6, 2024

Scott Slams SEC’s Climate Disclosure Rule: “Federal overreach at its worst.”

Washington, D.C. - Ranking Member Tim Scott (R-S.C.), the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs, today slammed the Securities and Exchange Commission’s (SEC) long-awaited climate disclosure rule - which exceeds the SEC’s scope of authority and will bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity. Ranking Member Scott stated that he intends to use the Congressional Review Act process to fight the rule and its i… Continue Reading


March 5, 2024

Scott on CFPB Credit Card Late Penalty Final Rule

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) issued the following statement after the Consumer Financial Protection Bureau (CFPB) published their final rule to limit credit card penalties. Ranking Member Scott stated he would use the Congressional Review Act process to fight the rule and its implementation. “While lowering the cap on late penalties may sound like a good talking point, in practice it will decrease the availability of credit card products for those who need it most… Continue Reading


February 28, 2024

Scott: Supporting the American Dream for Black Americans Starts with Expanding Opportunity

Washington, D.C. - As a part of his efforts to bring awareness to Capitol Hill during Black History Month, Ranking Member Tim Scott (R-S.C.) today hosted a roundtable with Black investors and business founders to discuss ways to improve minority communities’ access to capital and the ability to build wealth. For photos of the event, click here. Click here or on the image above to watch Ranking Member Scott’s opening remarks. Click here for the full roundtable video. “As we celebrate Black H… Continue Reading


February 22, 2024

Scott Op-Ed in Fox Business: Let's Open Doors to Opportunity in U.S. Capital Markets

Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, authored the following op-ed in Fox Business, highlighting the barriers Black Americans face in accessing the capital required to start and build businesses. The Ranking Member outlined the Empowering Main Street in America Act, his legislative framework that would open doors for underserved communities by streamlining access to funding through the U.S. capital marke… Continue Reading


February 8, 2024

Scott to Secretary Yellen: America is Less Safe and Less Affordable under Biden Administration

Washington, D.C. - At today’s Senate Committee on Banking Housing, and Urban Affairs hearing with Secretary of the Treasury Janet Yellen, her first appearance since May of 2022, Ranking Member Tim Scott (R-S.C.) called out the Biden administration’s foreign and domestic policy failures that have made America less safe and the American Dream less attainable for families across the country. In the wake of Hamas’s October 7 attack on Israel, Ranking Member Scott was the first of Senate Banking Com… Continue Reading


February 1, 2024

Scott Calls on Biden Admin to Protect Americans from Fraud

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today called on the Biden administration to do more to protect Americans from growing threats of fraud impacting consumers. At a Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Scott noted that while financial institutions and financial industry participants spend billions developing and implementing innovative technologies to strengthen security that will protect families and businesses from fraud, financial re… Continue Reading


January 25, 2024

Scott Pushes Local Solutions to Flood Insurance, Preparedness

Washington, D.C. - At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing on reauthorization of the National Flood Insurance Program (NFIP), Ranking Member Tim Scott (R-S.C.) called for federal policies that incentivize local, innovative solutions to flood preparedness and mitigation. Ranking Member Scott, who spent over two decades in the insurance business, highlighted his firsthand experience living through severe floods in South Carolina as the foundation for his legislat… Continue Reading


January 19, 2024

Scott Demands Answers Following Reports of Political Targeting by Treasury Department and Financial Institutions

Washington, D.C. - Following recent reports that the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) instructed financial institutions to infringe on Americans’ privacy and surveil their customers’ transactions using politically charged search terms, Ranking Member Tim Scott (R-S.C.) is using his position as the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs to demand answers. In a letter to Treasury Secretary Janet Yellen and FinCEN Dir… Continue Reading


January 18, 2024

Scott Introduces Bill to Ease Burdens on Small Business, Target Chinese Shell Companies

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today introduced legislation that would make commonsense reforms to ease reporting requirements for small businesses and close loopholes for Chinese shell companies operating in the United States. The Protect Small Businesses and Prevent Illicit Financial Activity Act extends the timeline for small businesses to comply with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) regulation on beneficial ownership report… Continue Reading


January 18, 2024

Scott Calls for Effective, Tailored Economic Security Tools to Combat China

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) today called for a sharp and tailored use of our economic security tools to maximize their effectiveness against the Chinese Communist Party (CCP). In his opening statement at today’s Senate Committee on Banking, Housing, and Urban Affairs hearing focused on outpacing China, Ranking Member Scott raised concerns over the Biden administration’s decisions that have put politics over policy - from attacks against the legal firearms industry to pur… Continue Reading


January 17, 2024

Citing Inadequate Economic Analysis, Scott, Colleagues Renew Push for Regulators to Abandon Basel III Endgame

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) led every Republican on the Senate Committee on Banking, Housing, and Urban Affairs in continuing their call for financial regulators to withdraw the Basel III Endgame proposal to raise bank capital requirements. As the public comment period for the proposed rule closed, the members sent a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency highlighting the agencies’ continued fai… Continue Reading


January 16, 2024

Scott, Manchin Lead Bill to Protect State-Based Insurance System, Prevent CFPB Overreach

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) and Senator Joe Manchin (D-W.Va.) introduced legislation to protect our nation’s state-based insurance regulatory system and ensure the Consumer Financial Protection Bureau (CFPB) does not overstep their statutory authority. Their bill, the Business of Insurance Regulatory Reform Act, would clarify the jurisdiction granted to the CFPB by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and affirm that state ins… Continue Reading


January 11, 2024

Scott Pushes for Solutions to Fentanyl Crisis, Calls for Passage of FEND Off Fentanyl Act

Washington, D.C. - At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) continued his push for passage of his sanctions and anti-money laundering bill to target the China-Mexico illicit fentanyl supply chain, the FEND Off Fentanyl Act. The bill was debated and unanimously passed out of the Senate Banking Committee on June 21, 2023 during the committee’s first legislative markup since 2019, and has 67 Senate cosponsors. Multiple national gr… Continue Reading


December 18, 2023

Scott Releases 2023 Banking GOP Year-in-Review

Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) released a 2023 Year-in-Review, highlighting his accomplishments as the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs. Throughout the year, Ranking Member Scott and Banking Committee Republicans worked to hold the Biden administration accountable, to promote economic opportunity for Americans across the country, and to keep our country safe. “When I became the top Republican on the Senate Committee on Ba… Continue Reading


December 15, 2023

Scott Urges Gensler to Rescind Rules Expanding Dealer Definition

Washington, D.C. - As the Securities and Exchange Commission (SEC) moves to finalize two rules that would expand the entities required to register as securities dealers, Ranking Member Tim Scott (R-S.C.) is urging the SEC to rescind the rules - arguing they are overly vague, lack economic analysis, and will reduce liquidity in U.S. Treasury markets. In a letter to SEC Chair Gary Gensler, Ranking Member Scott argued these burdensome rules will lead to tightening credit conditions for small busine… Continue Reading


December 7, 2023

Scott Leads Banking Republicans in Call for FDIC’s Gruenberg to Resign, Provide Answers on Allegations of Sexual Harassment at the FDIC

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) is leading fellow Banking Committee Republicans in calling on Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg to provide detailed information regarding the recent allegations of a toxic workplace culture, including allegations of sexual harassment and mistreatment of employees, and to resign as Chairman and Board Member. Senators Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mo… Continue Reading


December 6, 2023

Scott Joins Squawk Box to Discuss CEO Hearing, Basel III Endgame

Washington, D.C. - Ranking Member Tim Scott (R-S.C.) joined CNBC’s Squawk Box this morning ahead of the Senate Committee on Banking, Housing, and Urban Affairs hearing with the leaders of the nation’s largest banks. In the interview, Ranking Member Scott pushed back on the Biden administration’s regulatory agenda, including the Basel III Endgame proposal, for the harm it would cause to consumers and the American Dream - particularly for those living paycheck to paycheck. Ranking Member Scott hig… Continue Reading

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