Minority Press Releases
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
December 6, 2023
Scott Presses Bank Leaders on Real-World Impacts of Biden’s Regulatory Agenda
Washington, D.C. - At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing with the leaders of the eight Global Systemically Important Banks (G-SIBs) headquartered in the U.S., Ranking Member Tim Scott (R-S.C.) pressed the leaders of the institutions on the impact of the Biden administration’s burdensome regulatory agenda on their businesses and, in turn, the Americans they serve. Ranking Member Scott has continued to highlight the negative effects of these proposals, particul… Continue Reading
November 30, 2023
Scott on the Biden Administration’s Iran Strategy: “Completely Disjointed”
Washington, D.C. - Following the Biden administration’s recent November 13 decision to extend an Iran sanctions waiver, Ranking Member Tim Scott (R-S.C.) today led his colleagues in a letter to Secretary of the Treasury Janet Yellen, Secretary of State Antony Blinken, and Secretary of Defense Lloyd Austin demanding answers over the administration’s lack of a cohesive Iran strategy. A disjointed strategy toward Iran signals that despite attacks on U.S. servicemembers and our allies, it is busines… Continue Reading
November 30, 2023
Scott: “The CFPB’s actions don’t match up with its mandate.”
Washington, D.C. - At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) held the CFPB accountable for its abuse of enforcement powers and rulemakings driven by politics instead of policy, all of which continue to stifle innovation and harm American families and small businesses. In his opening statement, Ranking Member Scott noted that despite members calling on Chopra … Continue Reading
November 17, 2023
Scott, Colleagues Demand Answers Over Biden Administration’s Unprecedented Pause of Firearms Export Licenses
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) joined Senator Ted Budd (R-N.C.) and 44 other senators in a letter to Secretary of Commerce Gina Raimondo raising questions over the decision announced last month by the Bureau of Industry and Security (BIS) to pause for 90 days the issuance of export licenses for firearms, ammunition, and certain accessories to most overseas markets. This unprecedented move is the latest chapter in the Biden administration’s hostility towards America’s firear… Continue Reading
November 16, 2023
Scott Statement on FDIC Allegations
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) issued the following statement regarding reports of sexual harassment and a toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC): “The reports of sexual harassment and a toxic workplace culture at the FDIC, as well as the mismanagement allegations against Chair Gruenberg, are alarming and unacceptable of any organization - let alone an agency of the United States Government. If the FDIC fails to protect its own employee… Continue Reading
November 13, 2023
Scott Leads Colleagues in Calling on Biden Administration to Withdraw Basel III Endgame
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) is leading 38 of his colleagues in urging the Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) to withdraw the Basel III Endgame proposal. The Senate Banking Committee is set to hear testimony from the financial regulators tomorrow, where Republicans will press the regulators on their many burdensome regulations that fail to consider the downstream impacts on everyday Amer… Continue Reading
November 2, 2023
Scott Announces Capital Markets Reform Framework
Washington, D.C. - Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced a framework for his legislative proposal to revitalize a critical pillar of the U.S. economy—the businesses within our communities—and to open up our capital markets to all Americans. The Ranking Member’s framework for the Empowering Main Street in America Act will boost avenues for capital formation that create jobs and generate economic growth across Ame… Continue Reading
October 25, 2023
Scott, Colleagues Sound Alarm on China’s Dominance in Global Payments Market
Washington, D.C. - Ranking Member Tim Scott (R-S.C.) led all the Republicans on the Banking Committee in urging the Biden administration to confront the Chinese Communist Party’s (CCP) expanding footprint in the U.S. financial system and global payments market. Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), JD Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.) j… Continue Reading
