U.S. Senate Committee on Banking, Housing, and Urban Affairs

01/14/2025 | Press release | Distributed by Public on 01/14/2025 19:33

Scott Demands Biden Administration Regulators Comply with Outstanding Requests for Information

January 14, 2025

Scott Demands Biden Administration Regulators Comply with Outstanding Requests for Information

Washington, D.C. - Chairman Tim Scott (R-S.C.) is calling on the Biden administration's financial regulators to comply with his outstanding requests for information before President Trump takes office. In letters to leaders at the Federal Reserve Board, U.S. Department of Treasury, Securities and Exchange Commission, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Reserve Bank of New York, and Federal Reserve Bank of San Francisco, Chairman Scott demanded information he requested throughout the 118th Congress by no later than January 19, 2025.

In the letters, Chairman Scott wrote, "As I step into the role of Chairman of the Banking Committee, I expect all federal agencies to fully and promptly comply with my requests for information. This cooperation is essential as my Senate colleagues and I work diligently to craft legislation that serves the best interests of the American people. Congressional oversight is a fundamental pillar of our democracy. It maintains the balance of power among the branches of government and makes public officials accountable to the American people they serve. Congressional oversight also helps contribute to better policymaking and build public trust in government."

Federal Reserve Board and Federal Reserve Bank of San Francisco

In a letter to Federal Reserve Board Chair Jerome Powell and Federal Reserve Bank of San Francisco President and CEO Mary Daly, Chairman Scott reiterated his information requests from March 23, 2023, regarding the failure of Silicon Valley Bank (SVB) and the Federal Reserve's failure to properly respond to apparent bank mismanagement, lack of risk controls, and other warning signs at SVB prior to its collapse. The initial deadline for this information was April 6, 2023.

Federal Reserve Board and Federal Reserve Bank of New York

In a letter to Federal Reserve Board Chair Jerome Powell and Federal Reserve Bank of New York President and CEO John Williams, Chairman Scott reiterated his information requests from October 2, 2024, regarding the Federal Reserve Bank of New York's reported failure to implement basic anti-money laundering controls on account of the Central Bank of Iraq. The initial deadline for this information was October 30, 2024.

U.S. Department of Treasury

In a letter to U.S. Department of the Treasury (Treasury) Secretary Janet Yellen, Chairman Scott reiterated his information requests from:

  • June 5, 2023: Chairman Scott demanded information regarding the Biden-Harris administration's activities in connection with European climate disclosure rules that would impose onerous extra-territorial mandates on American businesses. The initial deadline for this information was June 19, 2023.
  • January 19, 2024: Chairman Scott demanded information related to Treasury reportedly urging financial institutions to surveil Americans' financial data and violating their constitutional rights without due process. The initial deadline for this information was February 2, 2024.
  • December 5, 2024: Chairman Scott demanded information regarding Treasury's delay in full implementation and enforcement of sanctions on Iran's oil sector. The initial deadline for this information was December 20, 2024.

Securities and Exchange Commission

In a letter to U.S. Securities and Exchange (SEC) Commission Chair Gary Gensler, Chairman Scott reiterated his information requests from:

  • February 22, 2023: Chairman Scott demanded information regarding the SEC's climate disclosure rule that exceeded the agency's mission, expertise, and authority and would unnecessarily harm consumers, workers, and the U.S. economy. The initial deadline for this information was March 8, 2023.
  • May 10, 2023: Chairman Scott demanded information regarding the SEC's aggressive rulemaking agenda under Chair Gensler's leadership and the impact of proposed rules on America's capital markets and small and emerging businesses. The initial deadline for this information was June 7, 2023.
  • June 5, 2023: Chairman Scott demanded information regarding the SEC's activities in connection with European climate disclosure rules that would impose onerous extra-territorial mandates on American businesses. The initial deadline for this information was June 19, 2023.

Consumer Financial Protection Bureau

In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Chairman Scott reiterated his information requests from March 2, 2023, regarding David Uejio's tenure as Acting Director of the CFPB. The initial deadline for this information was March 16, 2023.

Federal Deposit Insurance Corporation

In a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, Chairman Scott reiterated his information requests from December 7, 2023, regarding the culture of harassment, discrimination, and a hostile work environment at the FDIC during Chairman Gruenberg's tenure at the agency. The initial deadline for this information was January 4, 2024.

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