Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the committee’s legislative and oversight priorities for the 119th Congress, listing increasing access to credit, promoting innovation, and “holding the Biden administration accountable” among its top objectives.
“Economic opportunity can breathe life into America’s struggling communities,” Scott said in a statement. “Unfortunately, under progressive leadership, the American Dream has slipped further and further out of reach. By focusing on commonsense 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.”
For small businesses and entrepreneurs, he emphasized the need to ensure that regulatory burdens designed for large corporations do not hinder economic growth. He stressed the need for heightened regulatory oversight to hold federal agencies accountable for actions that restrict credit access, stifle innovation, and increase borrowing costs.
Scott also said the committee will focus on measures to curb inflation-inducing spending and eliminate waste, fraud, and abuse of taxpayer funds. Housing affordability is another key focus, with a push for bipartisan solutions to address rising costs and promote responsible homeownership that strengthens communities.
Scott’s agenda proposes to integrate technological advancements and innovative tools, such as dynamic credit scoring models, into the regulatory framework to improve financial opportunities for underbanked and credit-invisible Americans. Scott touted financial literacy as a pathway to financial independence, asserting the committee should expand access to educational tools and programs.
To protect national and economic security, Scott said the committee will ensure that sanctions, export controls, and measures against illicit finance align with U.S. interests. Additionally, the committee intends to push for the development of a regulatory framework for digital assets, balancing the rapid growth of cryptocurrencies with the need for oversight to prevent failures and protect consumers.