ICYMI: Chairman Scott Highlights Bipartisan Housing Affordability Win, Federal Reserve Focus on Price Stability on CNBC’s Squawk Box

Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) joined CNBC's Squawk Box to discuss the Senate's bipartisan passage of housing affordability legislation and the path forward to get the bill to President Trump's desk. Chairman Scott highlighted the bill's focus on lowering costs for everyday Americans, supporting first-time homebuyers, empowering community banks, and making 2026 a year of affordability. Chairman Scott also discussed the Federal Reserve's decision to keep interest rates steady, emphasizing the importance of Fed independence, a unified central bank, and a renewed focus on price stability for the American people.

Click here or on the image above to watch the full interview.

On the path forward for housing affordability legislation:

"We got it through the Senate one more time yesterday, 87 to 9. It looks like there's a fast path. The House has agreed to the same principles that we have, which means the President should be able to sign the bill that makes 2026 the year of affordability."

On helping first-time homebuyers:

"In a country where the average first-time homebuyer is 40 years old, that number is going to come down. The age will come down. Great news for the American people."

On the role of community banks in housing:

"If you think about housing, without any question, it's your community banks who focus their attention and their time on providing resources for first-time homebuyers. Making it easier for community banks to lean into mortgages is a really important part of the equation."

On institutional investors and preserving housing supply:

"We still need to spend more time watching how this impacts the market. Rent-to-own is a very important part of our market, and we wanted to preserve that because some communities are built literally just to rent houses. We don't want to stymie the production of houses long term."

On Federal Reserve independence:

"What Kevin did spoke to the independence of the Fed. We saw that because they kept interest rates where they were, but more importantly, for the first time in a long time, we saw a unanimous decision coming out of the Fed."

On focusing the Fed on the economy:

"Follow the data. Let's find a way to keep the focus on the market and on the economy."

On price stability:

"Price stability, we haven't seen that recently. We'll have more of that because Kevin Warsh is now leading the Fed. I'm excited about that."