Scott Bessent Will Restore the American Dream!

It was great catching up with my fellow South Carolinian Scott Bessent this week! Scott’s experience and success as an entrepreneur make him the perfect fit to work hand-in-hand with President Trump and our Republican majorities to restore access to opportunity and the American Dream for all.

Senate Republicans stand ready to hit the ground running with the Trump administration to expand Opportunity Zones, extend the Tax Cuts and Jobs Act, bolster our economic national security, and deliver pro-growth solutions for the American people.

Read about our meeting here!

Regulations Should Provide Guardrails, Not Roadblocks

During Wednesday’s Senate Banking Committee hearing, I called out Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for ignoring my demands to pause rulemaking and continuing to press forward with an aggressive agenda – even after prudential regulators agreed to shelve proposals and final rules before President Trump’s inauguration. I called on Director Chopra to resign by January 20th and am eager to work with a new CFPB Director to increase accountability at the Bureau. 

Read my opening statement here!

Due to the delay of the Free Application for Federal Student Aid (FAFSA), thousands of students were left uncertain about their college plans and financial aid months before the start of school. The Meeting Street Scholarship Fund is working to bridge the gap by providing critical support to high school senior students navigating the college application process. The program helps students understand the FAFSA forms, which are key to making college more affordable, and offers scholarships to ease the financial burden. You can read more about the program here! 

Mondaq: CFPB Classifies Data Brokers as Credit Reporting Agencies in New Proposal

December 10, 2024

On Dec. 3, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would treat data brokers as credit reporting agencies, subjecting them to requirements under the Fair Credit Reporting Act (FCRA). The rulemaking would also limit the sale and transfer of credit header data, which contains consumer identifiers, including names, dates of birth and addresses.

Accordingly, it impacts compliance requirements and liability for a wide variety of stakeholders using public data, including financial institutions, housing providers, collectors, fintechs, credit reporting agencies, insurance companies, employers and many others.

The CFPB framed the rulemaking as a necessary action to protect national security interests and vulnerable populations from fraud and data theft. Industry stakeholders have raised significant concerns about the overbreadth of the rule, which could limit the ability to use public data in many ways that benefit consumers and the economy, and more broadly that the CFPB is attempting to circumvent Congress and rewrite law.

The CFPB proposal comes just a few weeks before a change in administration and after lawmakers including Sen. Tim Scott (R-SC) and Rep. French Hill (R-AR) have called on agencies not to engage in midnight rulemaking. The rulemaking will likely be halted once President-elect Trump takes office, and its future prospects are uncertain.

Read the full article here!

Sincerely,

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