Scott Announces Banking Committee Priorities for the 118th Congress
Expanding Economic Opportunities for All Americans
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
“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.”
Member Scott’s priorities for the Banking Committee include the following:
Reducing Barriers and Promoting Access to Credit
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
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
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.
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.
Committee will also rein in inflation-inducing spending by Democrats, and
reduce waste, fraud, and abuse of taxpayer dollars in the Biden
Protecting U.S. National and Economic Security
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
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
Developing a Framework for Digital Assets
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.
the full outline of Ranking Member Scott’s priorities here.
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