Palmetto State News

In his opening remarks at this week's hearing with Federal Reserve Chair Jerome Powell, U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, addressed the impacts of Bidenomics on American families. Senator Scott also urged Chair Powell to enhance transparency in the financial regulators' rulemaking process and reiterated his call for a re-proposal of the current Basel III Endgame proposal.

In response to questioning from Senator Scott, Chair Powell indicated his belief that the Federal Reserve will need to put a revised Basel III Endgame proposal out for public comment.

Senator Scott's opening remarks as delivered:

"Thank you, Mr. Chairman. Thank you, Chair Powell, for being with us this morning. Welcome – welcome back.

Joe Biden broke this economy and it’s been very difficult to fix it. That’s the bottom line. I want to start with the end in mind. Joe Biden broke our economy and it is very difficult for anyone to fix it.

Everyday families are struggling to put food on the table. Real wage growth is being eaten away by rising prices and runaway inflation.

Think about the fact that for 52 consecutive weeks in the Joe Biden [administration] wages were eclipsed by inflation for 52 consecutive paychecks. I remember back in December of 2020, in South Carolina, gas was a dollar and 99 cents per gallon. Today, it’s still $3.19 per gallon. A 50% increase in just a few years.

So, it’s devastating to the average American family, particularly families like the one I grew up in – a single parent household mired in poverty. When you see your gas prices up 50%, your food up 30%, your cost of keeping your house cool or warm up 25%. It’s not a challenge. It’s not unfortunate. It’s an absolute crisis.

And too many households in America today are living paycheck to paycheck, and they fear the challenges that are coming our way – the headwinds brought to us by the Biden administration.

The headwind, of course, is seen through the prism of inflation. Inflation hasn’t been this size since the Jimmy Carter years, and that devastation is being felt in measured households by too much [money] at the end of the [month]. And that devastation is real for the vast majority of Americans.

And the pointing finger – I tell you what, whether it’s the Biden administration throwing the Fed under the bus or any other way they can deflect from the real problem. I’ve seen it in committee hearing after committee hearing after committee hearing. My friends on the left want to point their fingers at anyone other than those responsible at 1600 Pennsylvania Avenue.

The progressive wish list spending projects and out-of-control regulations of this administration continue to eat away at American paychecks. And they continue to blame – whether it’s ‘shrinkflation,’ ‘greedflation,’ or ‘skimplation.’ They’re looking for someone to blame except for Bideninflation.

The devastation of Joe Biden’s economic policy continues to impact everyday Americans. The American people see through facades and want real solutions. It doesn’t take a PhD economist to understand what average Americans are experiencing under this administration when President Biden and my Democratic colleagues pumped trillions into our economy; those dollars increased demand and pushed prices higher.

It’s that simple—the American people see and feel it every single time—and they see it at grocery stores, gas stations, doctor offices—it’s undeniable.

Just last week we celebrated our country’s birth—this nation of freedom and liberty—but American families faced their most expensive July 4th on record with cookouts costing on average 30% more than just a few years ago—I call that hogwash.

What’s worse is this administration doesn’t learn lessons in economics—instead of reducing spending pushes—they double down—tens billions student loan forgiveness—constant new plans regardless constitutionality decisions—

So who benefits? Simple: debt relief goes households averaging $300K+ income—median household income $74K bears burden forgiving debt students living $300K+ households—costs between $870B-$1T—

Why punish struggling paycheck-to-paycheck families relieving debts wealthy households? Simple: politics—to buy votes November election—it’s hard imagine—

While appreciate measured words outlining Fed work cooling inflation—it past time recognize political pandering left—I strongly believe our economy cannot handle wasteful spending anymore—and if disagree love hear thoughts—not just spending policies stifling growth—but overregulation—

Better example overregulation parking capital sidelines Basel III Endgame—that proposal costs millions Americans chance own home start small business access credit capital necessary achieve American Dreams—

For those watching C-SPAN Basel III capital requirements like sidelining star quarterback Dak Prescott fearing injury during season—it plain ridiculous proposed capital requirements force money sidelines greatest economy planet out hands first-time homebuyers business owners folks achieving American Dream stakes high get right—

Repeatedly said needs repeating—we need transparency rulemaking process enormous proposal lacks clear justification—

Chairman Powell essential you fellow governors agencies join rulemaking follow law do homework let public check work—

Absolutely necessary complete re-proposal Basel III Endgame—

Give stakeholders opportunity look recalibrate necessary going forward—

Any unjustified capital increases harm Americans needing most farmers homebuyers small business owners deserve access credit—

Repeat restore confidence rulemaking process pull existing proposal complete restart data analyzed available public scrutiny reissue appropriate proposed rule following APA requirements—

Look forward opening statement conversation afterwards."