Senate Banking Committee Chairman Tim Scott (R-S.C.) today released his list of committee priorities for the 119th Congress, which include re-examining Biden-era banking regulations and developing a regulatory framework for digital assets.
“My goal for this Congress is simple: make America work for Americans,” Scott said in a statement. “Over the last two years, we’ve led comprehensive solutions to serious challenges Americans face — from addressing our failed federal housing policies to increasing access to capital to bolstering our economic national security — and we can build on this success.”
Among other things, Scott said the committee plans to “work to reign in and right-size the impacts of the Biden-Harris administration’s unduly burdensome and arbitrary financial regulations.” The committee will reexamine recent regulatory proposals that reduce the ability of financial institutions to provide new and innovative financial services, and the senator said he will seek to promote legislative proposals “that enshrine cost-benefit analyses into law.”
Other committee priorities include reviewing “how overregulation contributes to excessive costs and delays in the supply of affordable housing” and supporting policies that increase capital to entrepreneurs and small businesses. Scott also said the committee will work on a regulatory framework that establishes “a tailored pathway” for the trading and custody of digital assets while ensuring compliance with Bank Secrecy Act requirements.
