Palmetto State News

Chairman Tim Scott (R-S.C.) marked the first 100 days of the 119th Congress with an active agenda as the leader of the Senate Banking Committee. During this period, Scott has made it a priority to consider President Trump's nominees and forward legislation aimed at enhancing economic opportunity.

Scott highlighted his efforts on the Banking Committee during an appearance on Fox News. A key initiative in his agenda involved developing a regulatory framework for digital assets. To this end, Scott established the first-ever Subcommittee on Digital Assets and hosted a press conference with White House Crypto Czar David Sacks and other committee leaders. Scott played a prominent role in introducing the bipartisan GENIUS Act to create a clear regulatory framework for payment stablecoins. The bill passed out of the Senate Banking Committee with bipartisan support.

Addressing the issue of debanking, Scott conducted hearings and met with consumer bank CEOs to seek solutions. Based on testimonies regarding the abuse of "reputational risk" by federal banking regulators, Scott led the introduction of the FIRM Act to prohibit such practices. The bill garnered wide support and moved out of the committee, prompting federal financial regulators to remove this supervisory tool.

In another effort to improve credit access, Scott presented the Credit Access and Inclusion Act. This legislation aims to expand credit access by allowing property owners and utility and telecom providers to report payment data to credit agencies. Additionally, Scott led a Congressional Review Act resolution to overturn the Biden administration's Consumer Financial Protection Bureau rule on overdraft services. The resolution passed both the House and Senate and now awaits President Trump's signature.

On advancing nominees, Scott emphasized quickly moving President Trump's candidates into key positions. The Senate confirmed several nominations, including Scott Turner as Secretary of the Department of Housing and Urban Development and Stephen Miran as Chairman of the Council of Economic Advisors. Other nominations, such as Jonathan McKernan to the Bureau of Consumer Financial Protection, have advanced out of the committee. Several hearings have also taken place for various other nominees.