American Credit News

Senator Tim Scott (R-S.C.), the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, has introduced a comprehensive bill aimed at revitalizing businesses and opening up capital markets to more Americans. The Empowering Main Street in America Act is designed to boost avenues for capital formation that create jobs and generate economic growth.

At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on consumer fraud and scams, Ranking Member Tim Scott (R-S.C.) commended law enforcement for their relentless efforts to combat financial crime and protect Americans nationwide. Scott also recognized the contributions of state financial regulators and financial institutions in educating consumers about various scams.

Ranking Member Tim Scott (R-S.C.) introduced the ROAD to Housing Act today, a comprehensive legislative effort aimed at reversing decades of housing policies and making targeted reforms across the U.S. housing market. This initiative follows extensive negotiations with stakeholders and feedback from multiple committee hearings.

In response to Federal Reserve Board Vice Chair for Supervision Michael Barr’s comments today at the Brookings Institution on the future of the Basel III Endgame proposal, Ranking Member Tim Scott (R-S.C.) issued a statement.

Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued a statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency. The Ranking Member noted that Gruenberg is overseeing the creation of new offices to handle employee complaints while continuing to advance his own regulatory agenda.

Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, criticizing the agency's new corporate governance and risk management guidelines. The senators argue that these guidelines would harm the safety and soundness of the U.S. financial system.

In his opening remarks at the U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) emphasized the need for local solutions to address infrastructure challenges in both urban and rural communities. Scott criticized progressive policies for contributing to record-high inflation and increasing costs, arguing that these have hindered local efforts to improve infrastructure.

Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.) on a panel titled “For Love of Country & Bitcoin” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Scott emphasized Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion. He also called for a regulatory environment that encourages innovation within the United States.

At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) emphasized the importance of U.S. economic leadership. He criticized the Biden administration's policies for harming American competitiveness, security, and industry.

At a nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) expressed concerns regarding President Biden’s nominees for financial regulator posts. Scott criticized current FDIC Chair Martin Gruenberg’s leadership and called for his immediate resignation due to alleged workplace issues at the agency.

In his opening remarks at the U.S. Senate Committee on Banking, Housing, and Urban Affairs semi-annual hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) addressed the impacts of Bidenomics on American families. Scott also urged Powell to increase transparency in the financial regulators' rulemaking process and reiterated calls for a re-proposal of the current Basel III Endgame proposal.

Washington, D.C. – Today, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Kevin Cramer (R-N.D.), Representative Kevin Hern (R-Okla.-01), and 32 additional Members of Congress in filing a bicameral amicus brief in Texas Alliance of Energy Producers, et al v. SEC. The brief requests the United States Court of Appeals for the Eighth Circuit vacate the agency’s climate disclosure rule.

Ranking Member Tim Scott (R-S.C.) is seeking answers from the U.S. Department of the Treasury after it missed the deadline for a report on high-value Iranian assets blocked by U.S. sanctions, as well as Iran-related waivers and sanctions relaxation policies. The report, mandated by law, was due to Congress on May 24, 2024.

Ranking Member Tim Scott (R-S.C.) issued a statement following President Biden's nomination of Christy Goldsmith Romero to replace Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). Scott previously called for Gruenberg’s resignation last December.

Following a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) joined Senator Bill Hagerty (R-Tenn.) and his Banking Committee colleagues in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act. This legislation aims to require that the CFPB's funding be annually appropriated by Congress. Currently, the Federal Reserve provides whatever funding the CFPB requests within certain limits, allowing the agency to avoid fiscal...

At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing regarding the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress, Ranking Member Tim Scott (R-S.C.) criticized CFPB Director Rohit Chopra for what he described as the agency's overreach in authority and politically driven rulemakings.

Washington, D.C. – Ranking Member Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.) and other colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, opposing Freddie Mac’s proposal to purchase and guarantee single-family closed-end second mortgages. The letter was signed by every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee.

Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) have called on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule that restricts the issuance and limits the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The senators are also requesting that BIS leaders testify before the Senate Banking Committee regarding this rule.

On May 20, 2024, Ranking Member Tim Scott (R-S.C.) issued a statement following the announcement by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg of his intention to resign after a new Chairman is confirmed. Scott criticized the decision, stating, “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their political agenda over protecting workers.”

In a recent U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the Biden administration’s financial regulators, Ranking Member Tim Scott (R-S.C.) criticized Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg for his leadership of the agency. Scott cited instances of misconduct within the FDIC under Gruenberg's watch, which he argued have impacted the chairman's ability to effectively lead.