Senator Tim Scott, a Republican from South Carolina and the top Republican on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, has criticized the committee’s operations following Chairman Brown’s last-minute postponement of a markup vote. The vote was intended for President Biden’s nominees.
Scott expressed disappointment over what he described as dysfunction and lack of transparency within the committee. He also directed criticism at Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for not pausing rulemaking despite previous calls to do so after the November elections.
“After calling for Director Chopra to resign, Senator Scott noted he looked forward to working with a new CFPB Director to increase accountability at the Bureau – while focusing on efforts to protect consumers and remove politics from our federal regulators,” stated Senator Scott.
In his remarks, Scott mentioned sending letters to federal agencies under the committee’s jurisdiction, urging them to halt rulemaking activities. This request aimed to allow President Trump’s administration a clean start post-inauguration. Prudential regulators like OCC, FDIC, NCUA, and Federal Reserve agreed with this pause.
However, Scott accused Chopra of continuing an aggressive agenda by issuing final rules and proposals expanding CFPB’s jurisdiction. “Director Chopra has advanced his agenda at a break-neck speed,” said Scott.
Scott also touched on concerns regarding debanking practices and Operation Chokepoint resurfacing. He stressed that no legal business should be denied banking services due to political agendas.
He emphasized his desire for Washington D.C.’s focus on promoting choice and opportunity for all Americans and called for regulation that provides guardrails rather than roadblocks.
Scott concluded with hope for future collaboration in Congress aimed at increasing opportunities for American families and small businesses.
