Bridging The Wealth Gap
With the right tools and opportunities, Americans can achieve financial security, provide for their families, gain an education, start a business, buy a house, and engage in the modern economy – without unnecessary red tape and regulations. Having a salary is a great thing, but building wealth for your family’s future is an amazing thing, The more we can bridge the wealth gap that has developed in our nation, the more successful we will all be.
The bipartisan Financial Literacy Caucus, which I co-chair, serves as a platform for promoting the practices, skills, and policy levers most likely to produce responsible and robust savings, along with wealth creation. Retirement security has been one of my top priorities, and I successfully led the charge to increase access to retirement plans and enhance savings through the enactment of the SECURE Act.
Through the enactment of my MOBILE Act, individuals in underbanked and underserved communities can easily open bank accounts and quickly connect to banking services. My Credit Score Competition and Credit Access And Inclusion Acts allow individuals to use alternative means of showing “good credit” – including making rent and utility payments. I will continue working to expand, adapt, and educate people about banking, entrepreneurism, finance, and financial literacy to encourage economic uplift.
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Thursday | February 3, 2022
Senator Scott Questions Fed Nominee on Lending Options for Low-Income Americans
WASHINGTON - Today, U.S. Senator Tim Scott (R-S.C.) questioned Federal Reserve nominee Sarah Bloom Raskin about her history of advocating for policies that make it harder for low-income Americans to get small dollar loans.
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Thursday | February 3, 2022
Senator Scott Introduces Bill to Expand Access to Capital for Community Banks
This week, U.S. Senators Tim Scott (R-S.C.) and Maggie Hassan (D-N.H.) introduced a bill to improve the ability of smaller community banks to meet the credit needs of the local families, workers, and small businesses they serve.
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Tuesday | November 23, 2021
Senator Scott Talks Financial Literacy in Axios Interview
WASHINGTON - This week, U.S. Senator Tim Scott (R-S.C.) joined Axios’s Mike Allen for a discussion on financial literacy. Senator Scott described how growing up in poverty led him to champion financial literacy and credit access for all Americans.
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Wednesday | July 21, 2021
Scott, Manchin Reintroduce Legislation to Increase Access to Credit and Opportunity
WASHINGTON - U.S. Senators Tim Scott (R-S.C.) and Joe Manchin (D-W.Va.) reintroduced the Credit Access and Inclusion Act of 2021 to expand access to credit for an estimated 45 million Americans with either no credit history or a credit history that is too scarcely populated to generate a credit score. This bipartisan legislation would permit landlords and utility and telecom providers to report on-time payments data to credit reporting agencies, giving consumers the opportunity to develop a positive credit history by establishing a track record of paying these bills on time.
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Monday | December 21, 2020
Scott Statement on Passage of COVID Relief, Year End Funding, and Tax Extender Packages
U.S. Senator Tim Scott (R-SC) released the statement below tonight following Senate passage of three bills providing COVID-19 relief, government funding, and tax extenders. More than a dozen Scott-led provisions are headed to become law, click here for more information.
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Monday | December 21, 2020
More Than A Dozen Scott Provisions Included in COVID Relief, Year End Funding, and Tax Bills
More than a dozen provisions authored by U.S. Senator Tim Scott (R-SC) to help American families, students and workers are included as part of major COVID-19 relief, government funding, and tax packages currently before Congress.
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Tuesday | October 27, 2020
Scott, Wicker, Kaine Introduce Bipartisan Legislation to Expand Minority Business Support to Rural Areas
