Minority Press Releases

May 4, 2023

Scott Calls for Accountability in Wake of Bank Failures

Washington, D.C. – In his opening statement at today’s hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) highlighted mismanagement by Silicon Valley Bank (SVB) and Signature Bank executives and emphasized the importance of good governance at financial institutions. In addition to calling for executive accountability, the Ranking Member stressed that all entities responsible for the failures of SVB and Signature Bank, in… Continue Reading


May 3, 2023

Scott, Schatz Reintroduce Bill to Protect Flood-Prone Communities

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator Brian Schatz (D-Hawaii) today reintroduced the Repeatedly Flooded Communities Preparation Act to protect flood-prone communities. The bill would provide resources for preventative measures to help flood-prone communities end the costly cycle of repeated flooding and rebuilding. “South Carolinians stood strong when parts of our state were deva… Continue Reading


May 2, 2023

Scott, Thune Lead Colleagues in Fighting Back Against Radical Environmental Agenda

Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator John Thune (R-S.D.) today sent a letter to U.S. Department of the Treasury Secretary Janet Yellen raising concerns with the Federal Insurance Office’s (FIO’s) efforts to force the Biden administration’s unrealistic environmental, social, and governance (ESG) agenda onto the state-regulated insurance industry. This could result in state … Continue Reading


May 2, 2023

Scott: Flood Prevention, NFIP Reforms Can Protect Flood-Prone Communities

Washington, D.C. – In his opening statement at today’s hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) raised concerns about the fiscal condition of the National Flood Insurance Program (NFIP) and explained that reforms of the program and targeted investments in flood prevention are critical to making flood insurance more affordable, accessible, and effective for communities across America. Additionally, the Ranking Member… Continue Reading


May 1, 2023

Scott, Hassan, Hagerty, Rosen Reintroduce Bill to Solidify U.S. Sanctions on Iran

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs; Senator Maggie Hassan (D-N.H.); Senator Bill Hagerty (R- Tenn.); and Senator Jacky Rosen (D-Nev.) today introduced the Solidify Iran Sanctions Act (SISA) to make permanent the Iran Sanctions Act of 1996. Cementing these sanctions will advance national security by restraining Iran from engaging in malign activities that threaten the United States and its allies.… Continue Reading


May 1, 2023

Scott Statement on First Republic Bank

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement on actions regarding First Republic Bank: “Americans should remain confident in our banking system, as it continues to be strong and resilient. I’ve long expressed concerns over broad, taxpayer-funded government intervention, so I'm glad the FDIC heeded my concerns and secured a private market solution for Fir… Continue Reading


April 28, 2023

Scott Statement on Fed, FDIC Bank Failure Reports

Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) issued their reports on the failures of Silicon Valley Bank (SVB) and Signature Bank: “Since we first learned of SVB and Signature Bank’s downfalls, I’ve said this was a failure in three parts – a failure of bank management, a fa… Continue Reading


April 27, 2023

Scott: Expanding Credit Access and Inclusion

Washington, D.C. – In his opening statement at today’s hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) expressed concern over the Biden administration’s ongoing efforts to move away from risk-based pricing across the financial sector. Ranking Member Scott explained that predictive credit scoring lowers rates, increases consumer choice, incentivizes financial responsibility, and provides the foundation for sound under… Continue Reading


April 26, 2023

Scott: Commonsense Reforms to Outdated Federal Housing Policy Can Pave the Road to Housing for More Americans

Washington, D.C. – In his opening statement at today’s legislative hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) outlined the ROAD to Housing Act, which was released as a discussion draft ahead of the hearing, and emphasized how his legislation’s targeted reforms of the U.S. housing market would address decades of failed federal housing policies. Ranking Member Scott underscored the need for new approaches that mea… Continue Reading


April 25, 2023

Banking Committee Introduces Bipartisan Bill to Address the Fentanyl Crisis

Washington, D.C. – The leaders of the Senate Committee on Banking, Housing, and Urban Affairs today introduced the bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act, a sanctions and anti-money laundering bill aimed at combatting the country’s fentanyl crisis by targeting the illicit fentanyl supply chain, from the chemical suppliers in China to the cartels that traffic the drugs in from Mexico. By strengthening current law and directing the Treasury Dep… Continue Reading


April 25, 2023

Scott Releases Discussion Draft of Housing Bill Ahead of Hearing

Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today released a discussion draft of the Renewing Opportunity in the American Dream (ROAD) to Housing Act ahead of the committee’s legislative hearing on housing challenges. Crafted from the framework previously released by the Ranking Member, the draft is the next step toward making targeted reforms across all segments of the U.S. housing market. In his openi… Continue Reading


April 19, 2023

Scott Seeks Answers on CFPB Data Breach

Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is requesting a briefing and further information from Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra concerning a breach of sensitive data. In a letter, the Ranking Member expressed concern about the CFPB’s mishandling of data, especially as the agency plans to collect more sensitive information from consumers, small businesses, and lenders.… Continue Reading


April 18, 2023

Scott Expresses Concern over Nominees for Top Economic and Housing Roles

Washington, D.C. – In his opening statement at today’s nomination hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) highlighted the records of President Biden’s nominees for top roles in economic and housing policy: Jared Bernstein, nominated to be Chairman of the Council of Economic Advisers, Executive Office of the President Solomon Greene, nominated to be Assistant Secretary for Policy Development and Resea… Continue Reading


April 11, 2023

Scott Announces Housing Framework

Washington, D.C. – Today, on the 55th anniversary of the Fair Housing Act’s enactment, Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, announced his framework for the Renewing Opportunity in the American Dream (ROAD) to Housing Act. Federal housing policy has left too many American families behind. For African American families in particular, the homeownership rate remains relatively unchanged since 1968, the year the Fair Ho… Continue Reading


April 4, 2023

Scott: Energy Department’s Misguided Regulation Will Make Homeownership Unaffordable

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, is urging the Department of Energy (DOE) to stop implementing progressive climate policies that will make homeownership less accessible to American families. In a letter to Energy Secretary Jennifer Granholm, Ranking Member Scott warns against asking families to bear the costs of burdensome regulations and asks DOE to follow the law and meaningfully consul… Continue Reading


March 30, 2023

Scott Responds to President Biden’s “Fact Sheet”

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Biden administration published a “fact sheet” pressuring independent financial regulators in an attempt to shift blame over regulatory negligence: “The President’s 'Fact Sheet' is a page right out of his administration’s playbook to grow the size of the government and point the finge… Continue Reading


March 28, 2023

Scott Slams Regulators for Supervisory Failures

Washington, D.C. – In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, Ranking Member Tim Scott (R-S.C.) emphasized that the recent failures of Silicon Valley and Signature Banks were the result of bank mismanagement, supervisory neglect, and the Biden administration’s inflation crisis, which caused the need for rapid interest rate hikes. Focusing specifically on supervisory neglect, Ranking Member Scott cited reports that … Continue Reading


March 24, 2023

Banking Committee Republicans Probe Federal Reserve Supervision of SVB

Washington, D.C. – Banking Committee Republicans, led by Ranking Member Tim Scott (R-S.C.), are demanding answers and seeking records from the Federal Reserve Board of Governors and the Federal Reserve Bank of San Francisco regarding their supervision of Silicon Valley Bank (SVB) in the leadup to its failure. The Republican members of the Committee are striving to deliver transparency and accountability for the American people, an effort they will continue on Tuesday as regulators testify … Continue Reading


March 23, 2023

Scott Addresses Biden’s Economy, Bank Failures, and Fentanyl on Fox Business

Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, joined Fox Business’s Mornings with Maria to discuss the Biden administration’s mishandling of the economy and the recent bank failures. The Ranking Member also announced his plan to release a bill to strengthen sanctions and curb the flow of fentanyl into the United States.Watch the full interview here.ON THE BIDEN ADMINISTRATION’S MISHANDLING OF THE EC… Continue Reading


March 23, 2023

Scott, Brown Urge Bank CEO's To Testify Before Committee

WASHINGTON, D.C. — Today, U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Sherrod Brown (D-Ohio), Chairman of the Committee, sent letters to Gregory Becker, former CEO of Silicon Valley Bank, and Joseph DePaolo, former CEO of Signature Bank, to call on them to testify in front of the Committee to answer for the banks’ collapse. “Your testimony would provide substantial information relevant to… Continue Reading

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