Minority Press Releases
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
October 24, 2023
Scott, Colleagues Introduce Bill to Strengthen CFIUS Review Process
Washington, D.C. - Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Mike Crapo (R-Idaho), Steve Daines (R-Mont.), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), and Katie Britt (R-Ala.) today introduced the Protect Our Bases Act to ensure the Committee on Foreign Investment in the United States (CFIUS) can review foreign land purchases near sensitive military, intelligence, and national laboratory sites by requiring mem… Continue Reading
October 18, 2023
Scott Pushes Bill to Cement U.S. Sanctions on Iran
Washington, D.C. - Today, Ranking Member Tim Scott (R-S.C.) spoke on the floor of the U.S. Senate, emphasizing the need for the United States to stand shoulder to shoulder with Israel. The Ranking Member also sought unanimous consent for passage of his bill, the Solidify Iran Sanctions Act (SISA), to make permanent energy and weapons sanctions in the Iran Sanctions Act of 1996. The bill, if passed, would have cemented sanctions that restrict funding for Iran’s energy and weapons sectors, thereby… Continue Reading
October 17, 2023
Scott Leads Colleagues in Bill to Freeze $6 Billion to Iran, Probe Additional Iranian Assets
Washington, D.C. - Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Mike Crapo (R-Idaho), John Cornyn (R-Texas), Lindsey Graham (R-S.C.), John Barrasso (R-Wyo.), John Hoeven (R-N.D.), Marco Rubio (R-Fla.), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), Tom Cotton (R-Ark.), Steve Daines (R-Mont.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), Kyrsten Sinema (I-Ariz.… Continue Reading
October 16, 2023
Scott, Colleagues Press FHFA to Implement New Credit Scoring Models, Abandon Change in Report Requirements
Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is leading a group of Banking Committee Republicans in calling on the Federal Housing Finance Agency (FHFA) to implement reforms to credit scoring models that will expand homeownership opportunities for creditworthy borrowers and make scores more predictive. Ranking Member Scott, along with Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John … Continue Reading
October 10, 2023
Scott Calls for Hearing and Investigation into Release of $6 Billion to Iran
Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the attack on Israel, calling for the Senate Banking Committee to hold a hearing with Secretary Janet Yellen and for a Senate investigation into the release of $6 billion to Iran: “In the face of evil, we must use every tool, weapon, and economic sanction available to provide for our nation's security and the security of Israel… Continue Reading
September 12, 2023
Scott to SEC Chair Gensler: “I have serious concerns with the way you are leading the SEC.”
Washington, D.C. - In his opening statement at today’s Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) pressed Securities and Exchange Commission (SEC) Chair Gary Gensler on his pursuance of one of the most aggressive regulatory agendas in the agency’s history. In contrast to Chair Gensler’s SEC, the Ranking Member emphasized the importance of fueling competition and innovation in our capital markets to expand Americans’ access to a wide range o… Continue Reading
September 7, 2023
Scott Opening Statement at Insurance Market Hearing
Washington, D.C. - At today’s U.S. Senate Committee on Banking, Housing, & Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) delivered opening remarks citing the importance of ensuring Americans have access to a fair and competitive insurance market. Ranking Member Scott highlighted how overregulation and fraud have negatively impacted consumers in some states, and called for local solutions to increase competition and affordability for Americans across the country. Ranking Member Sc… Continue Reading
July 27, 2023
Scott Secures Wins in Defense Bill
Washington, D.C. – Ranking Member Tim Scott’s (R-S.C.) legislation to address the fentanyl crisis, the FEND Off Fentanyl Act, is included in the Fiscal Year 2024 National Defense Authorization Act (NDAA). The Ranking Member’s bill uses economic sanctions to target the financial assets of drug traffickers and Chinese fentanyl suppliers. The legislation’s inclusion in the NDAA is the result of Ranking Member Scott’s efforts to garner 66 Senate cosponsors, highlight th… Continue Reading
July 20, 2023
Scott Remarks on Deposit Insurance Reform
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on perspectives for deposit insurance reform in the wake of recent bank failures, Ranking Member Tim Scott (R-S.C.) touched on the importance of deposit insurance to the broader financial system, potential reforms to the existing deposit insurance regime—including the associated costs, and on the ultimate need to maintain consumer confidence in the American financial system… Continue Reading
July 18, 2023
Scott’s Fentanyl Legislation Added to Senate Defense Bill
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) announced that his landmark legislation, the FEND Off Fentanyl Act, was included in the Senate version of the Fiscal Year 2024 National Defense Authorization Act (NDAA), a critical step that brings it closer to becoming law. The Senate will begin voting on the NDAA this week. “Mexican traffickers and Chinese drug suppliers are fueling America’s fentanyl crisis. My FEND Off Fentanyl Act targets the financial assets of these c… Continue Reading
July 12, 2023
Scott Statement on President Biden’s Federal Reserve Nominees
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) released the following statement after the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on three Federal Reserve nominees: Lisa Cook, to serve as Member of the Board of Governors; Adriana Kugler, to serve as Member of the Board of Governors; and Philip Jefferson, to serve as Vice Chairman of the Board of Governors. The Ranking Member supported Jefferson’s nomination and opposed the … Continue Reading
July 11, 2023
Scott, McHenry, Barr, Huizenga Lead Bicameral Amicus Brief Challenging CFPB’s Funding Structure
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) of the Senate Committee on Banking, Housing, and Urban Affairs; Chairman Patrick McHenry (R-N.C.-10) of the House Financial Services Committee; Representative Andy Barr (R-Ky.-06), the Chairman of the Subcommittee on Financial Institutions and Monetary Policy; and Representative Bill Huizenga (R-Mich.-04), the Chairman of the Subcommittee on Oversight and Investigations led a bicameral group of 132 members of Congress in filing an amicus… Continue Reading
June 27, 2023
Scott Op-Ed in The Hill: President Biden’s (Un)Affordable Housing Policies
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 The Hill, voicing opposition to the Biden administration’s ineffective policies that have made housing less affordable across America. As an alternative, the Ranking Member outlined the ROAD to Housing Act, his legislative framework that would increase housing supply, promote affordability, improve quality of life for famil… Continue Reading
June 23, 2023
Momentum Builds for Fentanyl Bill
WASHINGTON, D.C. – The Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act continues to gain support following its unanimous passage out of the U.S. Senate Banking, Housing, and Urban Affairs Committee this week which brings the bill one step closer to becoming law. The sanctions and anti-money laundering bill focused on addressing the fentanyl crisis has earned the support of over sixty cosponsors in the U.S. Senate and the backing of many law enforcement groups. Origin… Continue Reading
June 22, 2023
Scott Urges Federal Reserve Chair to Scrutinize Regulatory Process and Seek Accountability
Washington, D.C. – In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Tim Scott (R-S.C.) called on the Chair to show thoughtful, independent leadership as the Fed navigates a response to supervisory failures in recent bank collapses and efforts to address the nation’s top economic challenges. Excerpts from the Ranking Member’s opener are below: “Just … Continue Reading
