U.S. Senator Tim Scott has expressed criticism regarding the Consumer Financial Protection Bureau's (CFPB) final rule on medical debt. The South Carolina Republican shared his views in a statement released from Washington, D.C.
Scott stated, "With just days left in the Biden administration, CFPB Director Chopra is pressing forward in his pursuit of headlines and political talking points over sound policy decisions." He emphasized that while medical debt poses a significant challenge for many Americans, the new rule would not address the core issues. Instead, he argued it could potentially limit access to credit and essential health care services, while also posing risks to lenders and medical providers.
Scott conveyed his intent to collaborate with the incoming CFPB Director to mitigate what he perceives as damage caused by current policies. He aims to develop effective solutions that will support families nationwide.
In November, Scott sent a letter urging the Biden administration’s financial and housing regulators to halt all rulemaking activities. He also called for President Biden to retract nominations pending before the committee.
During a Senate Banking Committee hearing in December, Scott criticized CFPB Director Rohit Chopra for advancing an aggressive agenda despite his requests for a pause in rulemaking. This was noted even after prudential regulators agreed to suspend proposals and final rules prior to President Trump's inauguration.