Washington, July 25 (IANS) President Donald Trump’s nominee to oversee US export controls on sensitive technologies pledged this week to ensure America’s most advanced technologies do not aid the military ambitions of its adversaries, while promising to work closely with allies and Congress to keep export controls effective as competition with China intensifies.Appearing before the Senate Banking Committee, Abby Warren, nominated to serve as Assistant Secretary for Export Administration at the C…
Latest Tim Scott News & Updates
Washington, July 17 (IANS) The Trump administration defended its drive to scale back federal oversight of the US financial sector on Thursday, arguing that lighter regulation would expand access to credit and lower costs for consumers, while Democrats accused the White House of weakening protections against financial misconduct during a combative Senate hearing.Appearing before the Senate Banking Committee to present the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congres…
Washington, July 16 (IANS) Federal Reserve Chairman Kevin Warsh has enlisted former Reserve Bank of India Governor Raghuram Rajan to help review the US central bank’s balance sheet, as part of a sweeping reform programme aimed at reshaping monetary policymaking after years of elevated inflation. The appointment drew praise from Senate Banking Committee Chairman Tim Scott during Warsh’s first semiannual monetary policy hearing before Congress on Wednesday (local time), where the Republican lawmak…
Washington, June 12 (IANS) US lawmakers from both parties warned that America risks losing its technological edge to China unless it strengthens safeguards around artificial intelligence, as a Senate hearing highlighted growing concerns over national security, jobs and the rapid expansion of AI.At a Senate Banking Committee hearing on artificial intelligence, Chairman Tim Scott said the United States must ensure that AI strengthens the economy while preventing rivals such as China from gaining a…
Washington, May 12 (IANS) A bipartisan group of four US senators has urged President Donald Trump to take a hard line against China’s shipbuilding practices during his upcoming summit with Chinese President Xi Jinping, arguing that Beijing’s policies have crippled the American maritime industry and weakened US national security.In a letter released Monday, Senators Tammy Baldwin, Mark Kelly, Todd Young and Tim Scott warned Trump against offering concessions to China on shipbuilding and marit…
Washington, Feb 28 (IANS) US banking regulators defended sweeping efforts to recalibrate capital rules and formalise crypto oversight as senators clashed over Basel reforms, political “debanking” and consumer safeguards in a hearing with global implications for capital flows and digital finance.Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott said regulation must focus strictly on financial risk.“No law — no lawful business in Anderson, South Carolina or anywhere in…
Washington, Feb 13 (IANS) A fierce debate over the future of US crypto regulation unfolded on Capitol Hill as senators clashed over whether the Trump administration’s Securities and Exchange Commission is easing enforcement while pushing for a new statutory framework to bring clarity to digital asset markets.SEC Chairman Paul S. Atkins on Thursday defended a pivot away from what Republicans described as “regulation by enforcement” under the previous administration and towards clearer statu…
Washington, Feb 6 (IANS) The US Treasury is betting that stablecoins backed by government securities can strengthen the global role of the dollar, with Treasury Secretary Scott Bessent defending new legislation on digital assets before Congress.Testifying before the Senate Banking Committee, Bessent praised the GENIUS Act, which requires stablecoins to be backed by high-quality liquid assets such as US Treasuries.“This framework has the potential to expand dollar dominance, increase global dem…
Washington, Feb 6 (IANS) A sharp partisan clash over inflation, bank regulation and financial stability dominated a Senate Banking Committee hearing on as Treasury Secretary Scott Bessent defended the administration’s economic record and the Financial Stability Oversight Council’s 2025 annual report.Stressing growth and affordability, Committee Chairman Tim Scott warned against policies that burden households. “A system that slows growth, limits opportunity or prices families out of basic …
Washington, Feb 6 (IANS) Treasury Secretary Scott Bessent has told lawmakers that economic growth and household security are now central to safeguarding the financial system.Testifying before the Senate Banking Committee on Thursday, Bessent said the Financial Stability Oversight Council (FSOC) has moved away from what he called a reflexive approach to regulation. “Promoting economic growth and economic security is essential to ensuring financial stability,” he said.The hearing marked the fi…