Today, Chairman Tim Scott of South Carolina appeared on CNBC's Squawk Box to discuss his plans for the Banking Committee in the 119th Congress. Recently, he shared his legislative and oversight priorities aimed at increasing financial inclusion and creating opportunities for Americans.
"For me, it's making America's economy work for the working-class people," Scott stated. He emphasized regulatory rollback, capital formation, and homeownership as key areas of focus. "We want a responsible level of regulations, not an oppressive level of regulations," he said. Scott also highlighted challenges such as high interest rates affecting homeownership.
Regarding consolidation in the banking sector, Scott noted that proposals like Basel III impact not only large banks but also smaller community banks. "The more consolidation we see in the smaller banks, the fewer community banks there will be around the country," he explained.
Scott also addressed issues within the insurance industry. He praised the state-regulated insurance framework but called for a comprehensive conversation to ensure insurance companies remain financially stable without burdening taxpayers. "We should engage the insurance industry to understand what it takes to be rate sufficient," he suggested.