February 02, 2023

Scott Announces Banking Committee Priorities for the 118th Congress

Expanding Economic Opportunities for All Americans

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,” said Sen. Scott. “Unfortunately, under progressive leadership, the American Dream has slipped further and further out of reach. By focusing on commonsense policies like expanding access to credit, fostering innovation, and promoting financial inclusion, we can build an opportunity economy that opens doors, improves lives, and empowers everyday Americans to achieve their dreams.”

Ranking Member Scott’s priorities for the Banking Committee include the following:

Reducing Barriers and Promoting Access to Credit

Regulatory barriers too often hinder access to credit, financial services, or the numerous programs that could otherwise provide opportunities to achieve financial success and stability. Advancements and technological innovation can improve access to credit, reduce costs, and give Americans more choices for managing their finances—especially for the millions of American families that are under-banked or credit invisible. Innovative financial tools, like more dynamic credit scoring models, enable a roadmap to financial independence and should be properly integrated into our regulatory system.

Increasing Access to Capital Formation and Fostering Innovation

Small businesses and entrepreneurs are the backbone of our economy and should not be hampered by burdensome regulations designed for large corporations. The Committee will promote small business growth by increasing access to capital formation, financial institutions, and innovative products. It will also explore ways to foster innovation and expand retail investment opportunities for everyday American families.

Enabling Financial Success

Financial literacy is essential for financial independence. The Committee will help level the playing field for all Americans by encouraging efforts to promote programs that make financial literacy tools more accessible.

Regulatory Oversight

The Biden administration and its federal agencies repeatedly exceed their statutory authority in order to advance progressive agendas that restrict access to credit, increase the cost of borrowing for consumers and businesses, and stifle innovation. The Committee will ensure that federal agencies follow the law and stop discriminating against industries and investment opportunities simply because they may be viewed as politically disfavored by this Administration. 

The Committee will also rein in inflation-inducing spending by Democrats, and reduce waste, fraud, and abuse of taxpayer dollars in the Biden administration.

Protecting U.S. National and Economic Security

The Committee will ensure that economic sanctions, illicit finance protections, and export controls advance U.S. national security interests and address adversarial nations that use economic tools to influence global policy.

Responsibly Advancing Housing Opportunity

Skyrocketing housing costs have made it more difficult for Americans to own homes and become financially independent. The Committee will pursue commonsense, bipartisan solutions that encourage responsible homeownership, build financial security, and strengthen communities by encouraging local solutions to local problems. 

Developing a Framework for Digital Assets

The Committee will work to facilitate a bipartisan regulatory framework that accounts for both the rapid growth in the use of cryptocurrencies and the concerns raised by high-profile failures.

Read the full outline of Ranking Member Scott’s priorities here.