U.S. Sen. Tim Scott (R-SC), ranking member of the Senate Banking Committee, recently outlined 118th Congress banking legislative and oversight priorities, noting that the focus is expanding opportunities and empowering financial stability.
“Economic opportunity can breathe life into America’s struggling communities,” Scott said. “Unfortunately, under progressive leadership, the American Dream has slipped further and further out of reach. By focusing on common sense 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.”
Legislative priorities include addressing efforts to reduce barriers while promoting credit access; enhancing capital formation access while encouraging Innovation; enabling financial success for all Americans via the promotion of programs making financial literacy tools more accessible.
Additional primary banking legislative concerns, according to Scott, include addressing regulatory oversight as a means of ensuring federal agencies follow the law while prohibiting discrimination against industries and investment opportunities because they may be viewed as politically disfavored by the Biden Administration; protecting national and economic security; facilitating housing opportunities; and forming a digital assets framework.
Scott maintains the Committee would also target small business growth by expanding retail investment opportunities for American families.