Sen. Tim Scott leads affordability hearing following historic bipartisan passage of the 21st Century ROAD to Housing Act

WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, led a crucial committee hearing focused on practical, immediate strategies to lower everyday costs and make life more affordable for families in South Carolina and across the nation.

The hearing follows a historic legislative milestone. Yesterday, the Senate passed the 21st Century ROAD to Housing Act by a resounding, bipartisan margin of 85 to 5.

Following the bill’s passage, Chairman Tim Scott and Ranking Member Elizabeth Warren (D-Mass.) released a joint statement celebrating the bicameral, bipartisan momentum:

“Today’s bipartisan vote is an important step toward addressing America’s housing affordability crisis and giving families across this country a fair shot at the American Dream. This bill reflects years of work and priorities from the White House, Senate, and House to build a housing affordability package that puts families first, increases supply, expands access to affordable housing, and addresses the housing crisis. This is a strong, bipartisan, bicameral product that can pass both chambers and become law. We will keep working together to get this across the finish line and deliver relief for families across the country.”

Addressing the Cost-of-Living Crisis

During today’s hearing, Chairman Scott emphasized that despite economic slogans, everyday Americans are still facing crushing costs for housing, food, borrowing, and basic necessities. He highlighted that true, long-term affordability comes from promoting market competition, fostering financial innovation, and actively reducing unnecessary regulatory burdens—not from more government red tape or unsustainable federal spending.

“Our committee seeks to answer a simple question: How do we make life more affordable for families in South Carolina and, frankly, across the country?” Chairman Scott said in his opening remarks. “A family trying to buy their first home, a small business owner trying to expand, or a senior citizen living on a fixed income should not have to wonder whether Washington understands what it means to choose between prescriptions and groceries.”

Key Relief and Innovation Efforts Highlighted:

• The 21st Century ROAD to Housing Act: Fresh off a historic 85-5 Senate victory, this legislation is designed to cut federal red tape, unlock vital housing supply, preserve local control, and pave the way for real housing opportunity.

• The Working Families Tax Cuts: Marking its upcoming one-year anniversary, the legislation provided a tax cut to 97% of Americans, putting an average of nearly $300 more each month back into the pockets of hardworking families earning less than $200,000 a year.

• The GENIUS Act & The Clarity Act: Building on last year’s GENIUS Act—which established a first-of-its-kind regulatory framework for payment stablecoins—the committee continues to advance the bipartisan Clarity Act to solidify American leadership in digital assets and fuel secure financial innovation.

• Credit Score Competition Act: Continued push for robust implementation to ensure millions of credit-invisible Americans can earn the fair credit scores and interest rates they deserve by expanding the types of data reflected in traditional scoring models.

The Cost of Over-Regulation

Chairman Scott cautioned that heavy-handed regulations carry a direct cost that is ultimately passed down to the consumer. When federal agencies are weaponized to restrict credit access or punish responsible lenders, it inevitably manifests as higher prices and fewer options for American households. Moving forward, Senate Republicans remain committed to rightsizing regulations to protect consumers while keeping access to credit affordable.

The committee will continue to work alongside witnesses, local communities, and bicameral partners to lower costs, expand opportunity, and ensure a government that empowers Americans to build a better life.

You can listen to Sen. Scott’s opening remarks as delivered.