Ranking Member Tim Scott (R-S.C.) participated in a Punchbowl News event centered on small business and the economy. At the event, Scott discussed his Empowering Main Street in America Act, aimed at improving access to capital for entrepreneurs, adjusting regulations for small and newly public companies, and creating investment opportunities within communities.
Scott also addressed his opposition to the Basel III Endgame proposal, which he argues would restrict credit access for small businesses. He highlighted his comprehensive housing legislation, the ROAD to Housing Act, efforts to combat illicit fentanyl supply chains, and priorities for the next Congress.
Excerpts from Scott’s remarks included:
On the Empowering Main Street in America Act:
“The truth is that when you you listen to this last panelist, they did a really good job of distilling some of the really important business issues. As a kid growing up in poverty, one of the things I always wanted to do was to have a way to have my mom not just have a house but have a garage where she could literally drive into the garage and be safe. And for me, I thought that was either football or business. And when you listen to the last panel, what you conclude with is – capital for businesses is really, really hard to find. When I started my Allstate Insurance franchises, I literally went to the bank with an asset; it was a nine-year-old car with 253,000 miles on it. I was living in an apartment and the banker said…that's not an asset; that's a liability.
“Finding access to capital is so darn hard. And what the Empowering Main Street bill does is it makes it easier for would-be entrepreneurs to present their case to their community in such a way that if the community wants to invest in their business, they get a ‘yes.’ If we can find more ways to reduce hurdles and create more access to capital so folks can say yes – 'I like your idea,' 'I like your business plan,' 'Let's do it' – that's what this bill does.
“And for me had it not been for someone in the community who knew me, believed in me, trusted me enough to write a check... Because it's that important for all of us to recognize when capital is elusive; communities do not grow and prosper. Communities without small businesses are going be left behind disproportionately affecting African-American and Hispanic communities because finding capital is so darn hard without relationships or influencers.”
On Securities and Exchange Commission Chair Gary Gensler’s agenda:
“Gensler is not coming. Listen if I were him I wouldn't come either...We’ve got a lot of hard questions for him...stifling access...having an SEC that is more burdensome than actually achieving goals making easier access...my questions tomorrow…The other thing troubling with SEC approach cryptocurrency digital assets...a controversial topic...but innovation before regulation ensures new opportunities populate America first.”
On Basel III Endgame proposal:
“The question: are we already safe enough? The stress test process banks go through…the answer: every stress test I've heard of shows banks prepared…putting even more capital on sidelines means fewer dollars affordable for small businesses’ needs…Basel III denies resources desperately needed by small businesses…the misunderstanding free markets devastating.”