Chairman Tim Scott of South Carolina has announced the legislative and oversight priorities for the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the 119th Congress. As the first Black chair of a Senate standing committee, Scott aims to enhance financial inclusion and create opportunities nationwide.
"My goal for this Congress is simple: make America work for Americans," Scott stated. He emphasized the need to address challenges such as federal housing policies, access to capital, and economic national security. Scott expressed his intention to collaborate with the Trump administration and fellow committee members to improve financial inclusion.
Scott's priorities include promoting financial inclusivity and opportunity. The committee will focus on pro-growth policies, including financial literacy provisions, to ensure all Americans can achieve financial success. Additionally, there will be efforts to reassess regulatory proposals from the Biden-Harris administration that may hinder financial institutions' ability to provide innovative services.
Affordable housing remains a key issue. "The American dream of homeownership is slipping away," Scott noted, pointing out how regulations have driven up housing costs. He plans to advocate for solutions like his ROAD to Housing Act to revitalize the market and prioritize struggling families.
Increasing access to capital is another focus area. Building on support for his Empowering Main Street in America Act, Scott seeks to expand investment opportunities for small businesses beyond major cities like New York and San Francisco. Reforms are also planned for the Securities and Exchange Commission (SEC) to enhance transparency.
Scott aims to develop a framework for digital assets amid concerns about clarity in cryptocurrency regulation under SEC Chair Gensler. The committee intends to establish pathways for trading digital assets while ensuring consumer protection.
Economic national security will be addressed by countering adversaries through sanctions and export control policies. Efforts will continue against Iran's influence and China's rising threat. The committee will also work on supply chain resilience, combatting illicit finance, and enhancing cybersecurity preparedness.
The committee plans to support strong insurance markets by maintaining state-based regulation while curbing overreach from federal agencies like the Consumer Financial Protection Bureau (CFPB).
Infrastructure innovation will be facilitated by empowering local entities and reducing bureaucratic hurdles that delay projects.
Oversight remains crucial as Scott aims to hold federal agencies accountable under progressive policies he views as detrimental. During this Congress, he promises rigorous oversight of financial regulators and insists on transparent agency operations aligned with creating economic opportunities.
Finally, Scott pledges regular order in running the committee, giving due consideration to reauthorizations like those of the National Flood Insurance Program (NFIP) and others.