Senate Banking Committee Ranking Member Tim Scott Announces Policy Priorities

Last week, U.S. Senator Tim Scott (R-S.C.), the new Ranking Member on the Senate Committee on Banking, Housing, and Urban Affairs, released his oversight and legislative priorities for the 118th Congress, which he says will broaden opportunities for all Americans by empowering them to find success and financial stability.

“Economic opportunity can breathe life into America’s struggling communities,” Scott said. “By focusing on common sense policies like expanding access to credit, fostering innovation, and promoting financial inclusion, we can build an opportunity economy that opens doors, improves lives, and empowers everyday Americans to achieve their dreams.”

Scott plans to increase access to credit with technological innovations like more effective credit scoring models, which will help give more financial independence to the millions of Americans who are credit invisible or underbanked. The Committee will foster innovation in the small business sector to expand access to capital formation and retail investment opportunities for everyday Americans.

To hold the Biden administration accountable, the Committee will curb inflation-induced spending by Democrats as well as ensure that federal agencies stop discriminating against industries that may be politically unaligned with the Administration. It will also secure economic sanctions, export controls, and illicit finance protections.

Scott plans to enable financial success by promoting programs that make financial literacy tools more accessible. Lastly, Scott’s priorities for the 118th Congress include responsibly advancing housing opportunities, as well as developing a framework for digital assets.