Dear Fellow South Carolinians,

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Tax Reform

Last week, I was honored to be named to the conference committee for Tax Reform that will be charged with ironing out differences between the House and Senate versions of the Tax Cuts and Jobs Act. I am grateful for the opportunity to continue working on our tax reform package that will help so many hardworking American families. I have said from the beginning that my goal is to help families keep more of their paychecks at home, and to ensure that the jobs of the 21st century are created right here in America. I am confident we will accomplish these goals, and let those Americans who feel left behind know that we see and hear them. The American people haven’t seen true tax reform in more than 30 years, and I look forward to getting this once in a generation opportunity over the finish line and to the President’s desk before Christmas. You can read my full statement here and hear more about our plan here. 

Economic Growth, Regulatory Relief and Consumer Protection Act

Last Tuesday, the U.S. Senate Committee on Banking, Housing and Urban Affairs passed major bipartisan financial legislation, the Economic Growth, Regulatory Relief and Consumer Protection Act, which included two of my amendments- the bipartisan Family Self-Sufficiency Act, which will help families living in public housing build their savings and increase their earnings, and the bipartisan MOBILE Act, which makes it easier for poor and minority Americans to open a bank account instead of relying on payday lenders and pawnbrokers.

Both the Family Self-Sufficiency Act and the MOBILE Act will help hardworking Americans gain a foothold in our financial system, be it through simply being able to open a bank account or more efficiently growing their savings account. The Economic Growth, Regulatory Relief and Consumer Protection Act as a whole is a huge step forward for economic growth and job creation. Too many local communities are being held back by burdensome regulations on small financial institutions, and by providing regulatory relief we can help create jobs and stimulate growth. Community banks are often an invaluable tool for small businesses and local entrepreneurs, and it is critical we provide an environment where they can succeed. I’m also pleased we developed important provisions protecting veterans, consumers and homeowners. I look forward to the entire Senate voting on this commonsense, bipartisan legislation! You can read more here.

Jack Kemp Leadership Award

It was an incredible honor to receive this year’s Jack Kemp Leadership Award on Wednesday night. I am thankful to everyone at the Jack Kemp Foundation for keeping his legacy alive by taking a stand for those who cannot stand up for themselves- that’s what leadership is truly about. 

Sincerely,

Tim