Ranking Member Tim Scott has released the 2024 Year-in-Review and Oversight Report for the 118th Congress, detailing the efforts of Banking Committee Republicans. The report highlights accomplishments in promoting economic opportunity, capital formation, and homeownership while holding the Biden-Harris administration accountable.

Scott stated, "As a result of the Biden-Harris administration’s policies, hardworking Americans across the country have been met with unprecedented challenges. That’s why, as the Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, I’ve been proud to work with my colleagues to lead serious solutions to these challenges and push back on rules and regulations that have stifled economic opportunity."

The legislative efforts included pro-growth policies supporting communities nationwide. Among these initiatives is Scott's ROAD to Housing Act aimed at reforming segments of the U.S. housing market and ensuring accountability from federal housing regulators. Additionally, Scott introduced capital markets legislation called the Empowering Main Street in America Act to increase access to capital for entrepreneurs.

Congress passed Scott's FEND Off Fentanyl Act targeting illicit fentanyl trade and money laundering operations linked to this criminal enterprise. Scott emphasized financial literacy and inclusion as part of his comprehensive legislative approach.

In terms of oversight during the 118th Congress, Scott conducted rigorous scrutiny over what he describes as progressive rulemaking by the Biden-Harris administration. This includes opposition to various proposals from entities like the Federal Reserve and Securities and Exchange Commission.

Scott noted his efforts against Iran through his Revoke Iranian Funding Act which led to a critical reporting requirement being signed into law: "Ranking Member Scott’s longstanding efforts to hold the Biden-Harris administration accountable for its appeasement of Iran resulted in a critical reporting requirement from his Revoke Iranian Funding Act being signed into law."