Minority Press Releases

March 20, 2023

Scott, McHenry Demand Answers from Regulators on SVB and Signature Bank

Washington, D.C. - The Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Scott (R-S.C.), and the Chairman of the House Financial Services Committee, Patrick McHenry (R-N.C.), are formally demanding information from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) regarding their regulatory activities with respect to Silicon Valley Bank (SVB) and Signature Bank for the two years leading up to the collapse of these two banks. The pai… Continue Reading


March 16, 2023

Scott Calls for Local Solutions to Local Transportation Challenges

Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on public transportation, Ranking Member Tim Scott (R-S.C.) emphasized that local communities - not the federal government - should be empowered to make decisions on local transportation. Senator Scott emphasized the federal government should not force its progressive climate agenda on municipalities, and instead, should enable communities to address pressing challe… Continue Reading


March 12, 2023

Scott Statement on Government Response to Failures of Silicon Valley Bank and Signature Bank

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 U.S. Department of the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced emergency actions in response to the failures of Silicon Valley Bank (CA) and Signature Bank (NY):“I strongly believe it is important we bring our markets to a calm and orderly resolution. Our financial se… Continue Reading


March 11, 2023

Scott Statement on Silicon Valley Bank

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 failure of Silicon Valley Bank:“I am closely monitoring developments concerning Silicon Valley Bank, and we are in communication with the regulators. Our country is unnecessarily facing an inflationary crisis and the American people deserve transparency and accountability.” ###… Continue Reading


March 7, 2023

Scott Urges Fed Chair to Work for the American People and Avoid Politics

Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) emphasized that Americans are still paying the price of high inflation caused by excessive progressive spending. The Senator also expressed the need to keep controversial climate and social policy debates separate from the application of sound economic principles. The Ranking Member conclude… Continue Reading


March 3, 2023

Banking Committee Republicans Urge Fed to Follow the Law on Capital Review

Washington, D.C. - Banking Committee Republicans, led by Ranking Member Tim Scott (R-S.C.), today wrote to Federal Reserve Board Chair Jerome Powell expressing concerns over the Federal Reserve’s “holistic” review of capital, and reminded the Chair that capital requirements must be risk-based and tailored to an institution’s activity, size, and complexity.From the letter:“In 2018, the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was enacted to addr… Continue Reading


February 28, 2023

Scott: America Must Strengthen National Security With Economic Tools

Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on national security, Ranking Member Tim Scott (R-S.C.) discussed sanctions, export controls, and other economic tools that can strengthen U.S. national security. Senator Scott emphasized that the U.S. must strategically apply these measures in response to Russian aggression and rising economic threats from China.Ranking Member Scott’s opening remarks as delivered:T… Continue Reading


February 27, 2023

Scott Statement on SCOTUS CFPB Announcement

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the following statement after the U.S. Supreme Court announced it will consider the decision by the U.S. Court of Appeals for the Fifth Circuit that found the funding structure of the Consumer Protection Financial Bureau (CFPB) to be unconstitutional:“The CFPB has long been an agency that lacks transparency and seeks to operate beyond its jurisdiction. I look forward to reviewing the Supreme Court… Continue Reading


February 22, 2023

Scott, McHenry, Huizenga Demand Information from Gensler on Disastrous Climate Disclosure Proposal

Washington, D.C. — Today, the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Scott (R-SC), the Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), and the Chairman of the Subcommittee on Oversight and Investigations, Bill Huizenga (R-MI), sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler demanding records and other information related to the proposed climate disclosure rule, including responses to previou… Continue Reading


February 15, 2023

Republican Leaders of Banking, Finance Committees Introduce Bill to Block IRS Surveillance, Protect American Taxpayers

Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Committee on Finance, and other Senate Republican colleagues introduced the Prohibiting IRS Financial Surveillance Act, which will block future progressive political efforts that would force the Internal Revenue Service (IRS) to snoop on the private information of American taxpayers.In 2021, the Bide… Continue Reading


February 14, 2023

Scott Statement on the Appointment of Fed Vice Chair Lael Brainard to Director of the National Economic Council

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the following statement after the White House announced the appointment of Fed Vice Chair Lael Brainard to serve as director of the National Economic Council."I have serious concerns with the appointment of Federal Reserve Vice Chair Lael Brainard to Director of the National Economic Council. It is no secret that Vice Chair Brainard wields significant influence in the Federal Reserve over monetary and sup… Continue Reading


February 14, 2023

Scott Urges a Balanced Approach to Digital Assets that Protects Consumers and Promotes Innovation

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on digital assets, Ranking Member Tim Scott (R-S.C.) explained the importance of safe and sound financial innovation. In addition to calling for Chair Gensler’s testimony before the Committee, the Ranking Member urged his colleagues to pursue a thoughtful, balanced approach to digital assets that protects consumers and promotes innovation and opportunity. Ranking Member Scott’s opening remarks, a… Continue Reading


February 9, 2023

Scott Calls for Less Failed Government Spending, More Solutions in Response to Housing Challenges

Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on the state of housing, Ranking Member Tim Scott (R-S.C.) emphasized that despite spending trillions of dollars on federal housing programs over many decades, homeownership rates for American families have not meaningfully improved. In light of the data, Sen. Scott asserted the need for new approaches that address the root causes of the problem. The Ranking Member … Continue Reading


February 8, 2023

Brown, Scott Announce Banking and Housing Subcommittee Assignments for the 118th Congress

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Tim Scott (R-SC) today announced the panel’s subcommittee assignments for the 118th Congress.“On this committee, we are focusing everything we do on workers, their families, and the issues that matter most to their lives,” said Chairman Brown. “I look forward to working with these subcommittee chairs, their ranking members, and other committee … Continue Reading


February 7, 2023

Republican Staff of the Banking Committee Publicize Whistleblower Resource for Federal Government Misconduct

Washington, D.C. - Republican staff of the U.S. Senate Banking Committee today encouraged any individuals with knowledge or evidence of waste, fraud, abuse, or any other misconduct occurring within the federal government to report such allegations to Committee staff.Any individuals possessing information concerning the wasteful use of taxpayer dollars, fraud in federal programs, abuse—such as harassment, discrimination, or retaliation—or any other misconduct occurring within the federal go… Continue Reading


February 2, 2023

Scott Announces Banking Committee Priorities for the 118th Congress

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) today released his legislative and oversight priorities for the 118th Congress. By increasing access to credit, promoting innovation, and holding the Biden administration accountable, the Senator’s commonsense policy solutions will expand opportunities for all Americans and empower families to find success and financial stability.“Economic opportunity can breathe life into America’s struggling communities,… Continue Reading


February 1, 2023

Scott Announces Republican Members of the Banking Committee for the 118th Congress

Washington, D.C. - Today, the incoming Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.), released the following statement on the Committee’s membership for the 118th Congress."The Banking Committee tackles key issues that impact the lives of everyday Americans, from access to capital and financial services to housing and more,” said Senator Scott. “I’m honored to welcome these new and returning members to the committee and loo… Continue Reading


December 21, 2022

Toomey Introduces Legislation to Guide Future Stablecoin Regulation

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced legislation that would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.“Stablecoins are an exciting technological development that could transform money and payments. By digitizing the U.S. dollar and making it available on a global, instant, and nearly cost-free basis, stablecoins could be… Continue Reading


December 21, 2022

Toomey, Republican Senators Introduce Federal Reserve Reform Legislation

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced the Federal Reserve Accountability Act to increase accountability, address left-leaning political activism, and ensure greater geographic and professional diversity within the Federal Reserve System (Fed). The bill’s cosponsors are Senators Kevin Cramer (R-N.D.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), and Ted Cruz (R-Texas).“Despite their na… Continue Reading


December 19, 2022

Toomey Applauds Confirmation of GOP Nominees Jonathan McKernan and Travis Hill to FDIC

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Senate confirmed Jonathan McKernan and Travis Hill as members of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Hill will also serve as the Board’s vice chairman.“Jonathan McKernan is highly qualified to serve as a Member of the Board of Directors at the FDIC. I know firsthand that his knowledge of banking and housing finance issues wil… Continue Reading

Showing page   of 35