December 18, 2023

Scott Releases 2023 Banking GOP Year-in-Review

Washington, D.C. – Today, Ranking Member Tim Scott (R-S.C.) released a 2023 Year-in-Review, highlighting his accomplishments as the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs. Throughout the year, Ranking Member Scott and Banking Committee Republicans worked to hold the Biden administration accountable, to promote economic opportunity for Americans across the country, and to keep our country safe.

“When I became the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs, I promised to focus on commonsense policies to create economic opportunity and grow communities across the country, including those who are often left behind. To do this, the committee needed to first return to regular order, prioritize the voices of all members, including the minority, and review legislation within our jurisdiction before it goes to the Senate floor – something I am proud to say we have successfully accomplished,” said Ranking Member Scott.

“This year, the committee faced challenges requiring a strong congressional response – from the spring bank failures to the Iranian-backed Hamas’s brutal attacks on our ally Israel – and while we answered these calls, my staff and I also remained committed to our goals. I led efforts to advance legislation to target the illicit fentanyl supply chain, crack down on China, and rachet up sanctions on the Iranian regime. I proposed comprehensive legislation to make targeted reforms across all segments of the U.S. housing market and crafted a framework to open up our capital markets to all Americans. And together with my Republican colleagues, we executed principled oversight of the Biden administration’s burdensome regulatory agenda and demanded transparency and fact-based analyses for their proposed rules and regulations. There’s more work to be done – and as Ranking Member, I’ll continue pushing to build an opportunity economy that opens doors, improves lives, and empowers everyday Americans to achieve their dreams.”

For a digital copy of Ranking Member Scott’s 2023 Year-in-Review, click here.

Strong Leadership for Banking Committee Republicans

Senator Tim Scott entered his first year as Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs with a goal to advance commonsense policy solutions, expand opportunities for all Americans, and empower families to find success and financial stability. But to do that, Ranking Member Scott knew the importance of ensuring the committee returned to regular order so members in the minority could have their ideas heard, discussed, and debated. Even as the committee faced multiple challenges requiring swift action – from the spring bank failures to national security crises – Ranking Member Scott introduced multiple legislative frameworks and individual pieces of legislation and led multiple oversight initiatives to advance the minority’s goals.

Holding Regulators and the Administration Accountable 

The Biden administration and its regulators have worked overtime to push a progressive policy agenda and to regulate every aspect of American life. The Securities and Exchange Commission (SEC) has issued rules and proposals at a record pace, the Consumer Financial Protection Bureau (CFPB) has regulated via press releases and enforcement actions, and the federal banking agencies have waded into climate initiatives and other progressive priorities outside its mandate. Throughout the year, Ranking Member Scott has led Banking Committee Republicans in pushing back on rules and regulations that stifle economic opportunity through rigorous oversight and congressional inquiry.

Responding to Spring Bank Failures

Ranking Member Scott has continuously emphasized that the collapses of Silicon Valley Bank and Signature Bank this spring were a failure in three parts: a failure of bank executives to properly manage their risk, a failure of regulators to execute their supervisory role, and a failure of the Biden administration to address inflation caused by their reckless spending policies which led to a historic rise in interest rates. Ranking Member Scott has worked to hold regulators and failed bank executives accountable, as well as push back on the Biden administration’s policies that have led to record-high inflation.

Promoting Capital Formation and Fostering Innovation

As a former small business owner, Ranking Member Scott knows firsthand that small businesses and entrepreneurs are the backbone of our economy. As a result, he has prioritized solutions to promote small business growth by increasing access to capital formation and innovative products. Ranking Member Scott has also worked to foster innovation and expand retail investment opportunities for everyday American families to build wealth and achieve financial security.

Responsibly Advancing Housing Opportunity

Despite decades of spending trillions of dollars on federal housing programs, homeownership rates for American families have not meaningfully improved. As the son of a single mother, Ranking Member Scott grew up living with family until they could afford to rent a place of their own, and wasn’t able to experience the value of homeownership until later in life. That’s why he’s so dedicated to enhancing policies and programs that help improve housing affordability for Americans – making the American Dream a reality.

Protecting U.S. National and Economic Security

From Iranian-funded terrorist groups attacking Israel, our strong ally in the Middle East, to drug manufacturers and cartels taking advantage of our open borders, it is more important than ever for the United States to ensure our economic sanctions, illicit finance protections, and export controls work together in advancing our country’s national security interests. To that end, Ranking Member Scott has led the committee in advancing and promoting legislative solutions to target the profits of fentanyl traffickers, sanction the Iranian regime, hold hostile actors accountable, and protect national security.

Countering the Chinese Communist Party

Whether it’s China purchasing land near our sensitive military sites or Chinese chemical manufacturers sending fentanyl precursors around the globe – America needs to have strong leadership to combat China. Fortunately, the United States possesses tools to curb China’s economic aggression, including sanctions, export controls, and investment screening, and Ranking Member Scott has pushed solutions that use these tools strategically and effectively.

Increasing Access to Credit and Enabling Financial Success

Too often, regulatory barriers prevent Americans from accessing credit, financial services, and other programs that provide opportunities to achieve financial success. Ranking Member Scott has long pushed for solutions that give Americans more choices for managing their finances – especially for the millions of American families that are under-banked or credit invisible. The Ranking Member also advocated for policies that enhance financial literacy, helping Americans of all backgrounds make the most informed decisions to improve their lives and achieve financial prosperity.