Scott Outlines Priorities for Senate Banking Committee

Last week, U.S. Senator Tim Scott (R-S.C.), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, laid out his oversight and legislative priorities for the 119th Congress. Scott, the first Black chair of a Senate standing committee, has stated that he will work to increase financial inclusion and advancement opportunities for Americans.

“My goal for this Congress is simple: make America work for Americans,” the Senator said. “Over the last two years, we’ve led comprehensive solutions to serious challenges Americans face—from addressing our failed federal housing policies to increasing access to capital to bolstering our economic national security—and we can build on this success.”

Under Scott, the committee will reexamine recent regulatory proposals that could reduce the ability for financial institutions to provide innovative services to consumers who truly need them. Scott stressed that excess regulation can limit access to capital, credit, and financial offerings that promote financial growth for both consumers and businesses.

Scott hopes to combat the housing crisis with his ROAD to Housing Act, which will revitalize the housing market. To increase access to capital, the committee will build on Scott’s Empowering Main Street in America Act, planning to grow investment opportunities for retail investors to make sure Americans have the understanding and ability to grow their wealth.

Other priorities of the committee include developing a framework for digital assets; protecting economic national security; creating resilient communities and insurance markets; empowering local entities to facilitate infrastructure innovation; and oversight.

Scott assured that all agencies under the committee’s jurisdiction will be transparent, follow the law, and advance policies that boost economic opportunity. He will also confirm qualified nominees who support policies that protect growth, and use Congressional tools to eliminate “red tape regulations.”

“As we begin the 119th Congress, I look forward to working with the Trump administration, and my colleagues on the committee, to find consensus and advance solutions that improve financial inclusion and create opportunity across the country,” Scott said.