Palmetto State News

At a recent U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, Senator Tim Scott of South Carolina emphasized the need to confirm President Trump's nominees for key economic and financial regulatory positions. He argued that swift action is necessary to rebuild the economy, restore confidence in the financial system, and support American families.

Senator Scott began his remarks by congratulating the nominees for their willingness to serve the country. "If confirmed, you will help put our nation back on the path to prosperity," he stated. Reflecting on his own experiences growing up in poverty, Scott criticized what he described as reckless spending by the Biden administration and its impact on inflation and cost of living.

During Joe Biden's presidency, according to Scott, prices rose significantly: overall prices increased by over 20 percent; energy costs went up by 34 percent; transportation saw a 31 percent rise; and groceries were up by 22 percent. "I refuse to accept that the last four years will be the next four years," he declared.

Scott praised President Trump for understanding how to create a "blue-collar comeback" and expressed excitement about this potential shift. He underscored that each nominee would play an essential role in achieving these goals.

Dr. Stephen Miran was highlighted as a key figure for his fiscal responsibility advocacy and pro-growth policy stance. Mr. Kessler was noted for his expertise in trade and national security policy, deemed crucial for strengthening supply chains and ensuring U.S. leadership in next-generation technologies.

In housing finance matters, William Pulte's experience was mentioned as vital for addressing issues within Fannie Mae, Freddie Mac, and other entities affecting mortgage rates and housing affordability. Jonathan McKernan was identified as having the necessary expertise to manage what Scott called excessive regulation from the Consumer Financial Protection Bureau (CFPB) under Biden’s administration.

Scott concluded that confirming these nominees represents an opportunity to rectify past failures and initiate a new era of American prosperity focused on supporting families, workers, and small businesses.