Today, Chairman Tim Scott (R-S.C.) announced the formation of working groups within the Senate Banking Committee to address key issues under its jurisdiction. These initiatives, led by Banking Committee Republicans, aim to build consensus and advance solutions for challenges facing the U.S. economy.
"The Senate Banking Committee has broad jurisdiction over important issues impacting hardworking Americans," said Chairman Scott. "I'm announcing committee working groups to tackle key issues that Congress has failed to prioritize for far too long."
The working groups will focus on several areas:
1. **Addressing America's National Flood Insurance Program**: Senators John Kennedy (R-La.) and Mike Rounds (R-S.D.) will lead efforts to find solutions for a long-term reauthorization of the National Flood Insurance Program (NFIP). This initiative aims to foster a sustainable flood insurance market and ensure fiscal sustainability.
"Currently, the National Flood Insurance Program is not working for Louisianians or Americans who need it," stated Senator Kennedy. "Our people deserve a National Flood Insurance Program that looks like someone designed the thing on purpose."
Senator Rounds added, "The program is in desperate need of reform. It is time that Congress do the full work of actually reforming the program."
2. **Protecting Main Street Investors**: Led by Senator Bill Hagerty (R-Tenn.), this group will seek reforms in shareholder proposal and proxy advisor processes to safeguard American investments.
"Proxy advisors have advanced partisan agendas that often cut against the best interests of investors," said Senator Hagerty.
3. **Reforming Federal Financial Regulatory Agencies**: Senator Tillis (R-N.C.) will lead this group focusing on regulatory transparency and reducing burdensome regulations.
"I look forward to leading this new working group focused on federal financial regulatory agencies," said Senator Tillis.
These initiatives are expected to play a critical role in addressing economic challenges and ensuring fair treatment across financial systems.