Chairman Scott Leads Affordability Hearing Focused on Lowering Costs for American Families

Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) led a hearing focused on how to make life more affordable for families in South Carolina and across the country. Chairman Scott emphasized that families are still facing high costs for housing, food, borrowing, and everyday life, and that real affordability comes from promoting competition, innovation, and opportunity not more government programs, more red tape, or more spending Washington cannot afford. Chairman Scott highlighted Senate Republican efforts to bring relief to everyday Americans, including the Working Families Tax Cuts, the 21st Century ROAD to Housing Act, the GENIUS Act, the Clarity Act, better implementation of the Credit Score Competition Act, and thoughtful regulatory rightsizing that protects consumers without driving up the cost of credit.

Chairman Scott's opening remarks as delivered:

Good morning, everyone. I call this hearing to order.

Let me first thank the witnesses for taking the time and sharing your expertise so this Committee can better appreciate the issues challenging so many Americans across the country. I really appreciate you being here.

Our Committee seeks to answer a simple question: how do we make life more affordable for families in South Carolina and, frankly, across the country?

That is the question I hear all the time at home.

How do we make this economy work for families who are already working hard, but too often, there is just too much month at the end of the money?

Housing is too expensive.

Food is too expensive.

Borrowing is too expensive.

Everyday life is simply too expensive.

A family in Walhalla, South Carolina, trying to buy their first home, a small business owner in Greenville trying to expand, or a senior citizen in Rock Hill, South Carolina, living on a fixed income should not have to wonder whether Washington understands what it means to choose - and I mean this sincerely - between prescriptions and groceries.

Affordability is not created by government programs, more red tape, or more spending we cannot afford.

Affordability comes from promoting competition, innovation, and opportunity.

That is why Senate Republicans have been focused on results that bring relief to everyday Americans.

We are approaching the one-year anniversary of the Working Families Tax Cuts, a bill that has put more money back in the pockets of Americans who desperately need it.

Because of this bill, 97 percent of Americans received a tax cut this year. Ninety-seven percent.

And the people who benefited the most are those earning less than $200,000 a year.

Hardworking American families will take home nearly $300 more each month because of the Working Families Tax Cuts.

Let's not forget: Every Democrat in the Senate voted against cutting taxes, which would have led to a $5 trillion tax increase.

This Committee has already advanced efforts to improve housing opportunity, create clear rules for digital assets, strengthen our markets, and make the financial system work better for everyday Americans.

Our 21st Century ROAD to Housing Act just passed the Senate yesterday by a historic margin - 85 to 5. Almost nothing happens in the Senate - nothing happens in the Senate - by that kind of margin.

We are cutting red tape, unlocking housing supply, and preserving local control.

I look forward to President Trump signing that legislation into law.

The GENIUS Act, signed into law last year, established a first-of-its-kind regulatory framework for payment stablecoins - fueling financial innovation in America and creating economic opportunity.

The next step in solidifying American leadership in digital assets is completing market structure legislation, and I'm proud of this Committee's work to advance the Clarity Act in a bipartisan fashion.

Beyond legislation, we have also pushed for better implementation of my Credit Score Competition Act so that millions of Americans who are credit-invisible today have an opportunity to earn the credit scores and interest rates they deserve by ensuring all of their information is reflected in credit scoring.

And we have supported thoughtful regulatory rightsizing that helps protect consumers without driving up the cost of credit.

Unfortunately, too many in Washington still believe the answer to every problem is more government.

We saw this during the Biden administration.

Reckless spending and heavy-handed regulation made life more expensive and made it harder for businesses to invest, lenders to serve their communities, and builders to build.

We should be clear: regulations have a cost.

When Washington makes it harder for a bank to lend, a business to invest, a builder to build, and an entrepreneur to grow, those costs do not disappear.

They show up in higher prices, fewer choices, and fewer opportunities for American families.

That is why cutting red tape is also an affordability issue.

Agencies should protect consumers, not be weaponized for a political agenda.

The Biden administration should never have used the CFPB to target disfavored financial sectors, restrict access to credit, or punish responsible lenders.

That made it harder for families and small businesses to access credit while making financial products more expensive.

Senate Republicans are working to bring these costs down.

At the same time, the Biden administration was working to raise those costs.

Families in South Carolina and across the country are still living with the consequences of Biden-era policies in their monthly bills, their mortgage payments, and their household budgets.

Families do not need more slogans.

They need lower costs, better opportunities, and a government that gets out of the way as Americans try to build a better life.

Today, I look forward to hearing from our witnesses about practical steps we can take to lower costs, expand opportunity, improve affordability, and reduce unnecessary regulatory burdens without growing government.