March 22, 2023

ICYMI: Scott Delivers Remarks to the American Bankers Association

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, today delivered remarks to the American Bankers Association (ABA) at a summit in Washington, D.C. In a fireside chat with Rob Nichols, the CEO of ABA, Senator Scott discussed his Banking Committee priorities, including rigorous oversight of financial regulators, promoting financial inclusion and financial literacy, and probing failures surrounding the collapse of Silicon Valley Bank.

Ranking Member Scott speaking onstage with Rob Nichols, CEO of ABA

From Ranking Member Scott’s remarks:

“Focusing on banking and finance…is a real opportunity, or vehicle, to change lives permanently. And so, I think about hope as the reason why I’m in public service, and on the Banking Committee “HOPE” means “H” is for home ownership. If you’re looking for equity in America, no one can give it to you—you have to earn it. Homeownership is one of the ways to do that. Opportunity is one of the ways that we should focus on financial literacy and expanding the footprint [so] that more people in a country as amazing as ours have access to real opportunity. “P” is for profit, having a healthy, strong market driven by equity, so that you have a stake in the game yourself. And then the “E” is for entrepreneurship. Entrepreneurship took me from being a really poor kid to being able to buy my mom a house and I want people to have that experience, and I think the Banking and Finance Committees are the two ways that I can serve the country.”

Watch the full video of the event here.