Senate Banking Chair Tim Scott Unveils 119th Congress Priorities

WASHINGTON, D.C. – Sen. Tim Scott (R-S.C.), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, on Monday outlined his legislative and oversight priorities for the 119th Congress, emphasizing financial inclusion, affordable housing, and economic security.

Scott, the first Black chair of a Senate standing committee, pledged to advance policies that expand financial opportunity and address systemic challenges in housing, capital access, and digital asset regulation. “My goal for this Congress is simple: make America work for Americans,” Scott said in a statement. “We will build on our successes from the last two years to create meaningful change.”

Key priorities include promoting financial inclusivity through pro-growth policies and financial literacy initiatives. Scott criticized the Biden-Harris administration‘s financial regulations as overly burdensome, arguing they limit access to credit and capital. “Excess regulation stifles innovation and hurts those who need financial tools the most,” he said.

The committee will also focus on affordable housing, with Scott blaming progressive policies for record-high housing costs. He plans to introduce targeted reforms to reduce overregulation and expand homeownership opportunities. “The American dream of homeownership is slipping away,” Scott said. “We must prioritize struggling families over bureaucracy.”

In the realm of digital assets, Scott criticized SEC Chair Gary Gensler for failing to provide regulatory clarity, which he said has driven cryptocurrency projects overseas. The committee will work to establish a tailored regulatory framework for digital assets, including stablecoins, to promote consumer protection and innovation.

Scott also emphasized economic national security, vowing to counter threats from adversarial nations like China and Iran. The committee will advance sanctions, strengthen supply chains, and combat illicit finance. “We must leverage the strength of the American economy to protect our nation,” he said.

Other priorities include supporting state-based insurance markets, empowering local infrastructure innovation, and conducting rigorous oversight of federal agencies. Scott pledged to use tools like the Congressional Review Act to overturn burdensome regulations and ensure agencies follow the law.

Scott’s agenda reflects his commitment to bipartisan collaboration and regular order. “The American people gave Congress a mandate – let’s get to work,” he said.