March 30, 2023

Scott Responds to President Biden’s “Fact Sheet”

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 Biden administration published a “fact sheet” pressuring independent financial regulators in an attempt to shift blame over regulatory negligence:

“The President’s 'Fact Sheet' is a page right out of his administration’s playbook to grow the size of the government and point the finger when things go wrong. This does not serve the interests of the American people. Why give regulators more power when they fail to use their current supervisory authorities?

“Here are the real facts. The bank executives at these banks failed to manage their risk, the regulators failed to supervise these banks, and the Biden administration failed to stop its reckless spending and curb inflation. The regulators had the tools to supervise these banks, but they were asleep at the wheel.”