Senate Banking Committee Chairman Senator Tim Scott (R-SC) and House Financial Services Committee Chairman Rep. French Hill (R-AR) announced their legislative agendas for the 119th Congress.
What they’re saying: During a recent interview on CNBC’s Squawk Box, Chairman Scott highlighted these points:
- “Number one…we want a responsible level of regulations, not an oppressive level of regulations. You think about Basel III – here’s an example of an oppressive level of capital on the sidelines, the more capital on the sidelines, the harder [it is] to get a mortgage, harder [it is] to start a small business because you need capital.
- “Second area that I’m looking at is capital formation…my theory is that, as a small business owner, it changed my life – it changed my mother’s life – and allowed me to live the American Dream…and that requires having a place where you can ask for the money you need…
- “Number three is homeownership. Interest rates spiked because inflation was so high – making homeownership out of reach for so many Americans. How do we do something about that?”
Chairman Hill’s priorities include:
- “We will work every day to improve the quality and condition of financial regulation so that competitive, accessible financial products and services can be successfully used by all Americans to build brighter futures for themselves and their loved ones.
- “We will bring legal clarity to digital assets, providing innovators with new tools to build decentralized financial products and services that empower people to help one another and ensure America remains a leader in this space.
- “We will also protect consumers by enhancing their financial privacy, reinvigorate the housing market with commonsense reforms, and continue to provide strong oversight of how our financial regulators wield the mighty power they hold.”
