Sen. Tim Scott questions Treasury Secretary Bessent on opportunity zones at the Senate Finance Committee hearing
June 9, 2026
WASHINGTON — U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, questioned the Department of Treasury Secretary Scott Bessent at the committee’s hearing on the fiscal year 2027 budget. Sen. Scott highlighted the administration’s collaboration with local and state leaders on Opportunity Zones. Across South Carolina and the nation, Opportunity Zones are bringing billions of dollars in private investments into communities that have been left behind.
On Opportunity Zones:
Sen. Scott said, “I do think [Opportunity Zones] is one of those consequential pieces of legislation that has a generational impact in a positive way for the poorest communities in this country. Governors across the country are right now currently working on figuring out where they want the designations within their states on this 10-year new window. I’d love to have an update from you as it relates to streamlining the Opportunity Zone nomination process. As well as, if there are any best practices that governors should take into consideration that you have become aware of.”
Secretary Bessent emphasized that the Treasury Department is engaging with state officials ahead of the Opportunity Zone designation period this fall. The Treasury Department is also providing transition guidance for private investors to continue investing in underserved communities.
“Here’s a bipartisan piece of legislation not supported by my friends on the other side, but every mayor that I’ve run into around the country, blue or red, love Opportunity Zones,”added Sen. Scott.
Background:
Opportunity Zones legislation was first authored by Sen. Scott and signed into law under the Tax Cuts and Jobs Act of 2017. These were expanded and made permanent in the Working Families Tax Cuts. According to Scott’s office, the majority of Opportunity Zones residents, 57%, are non-white minorities. South Carolina is currently in the process of redesignating Opportunity Zones with the deadline for nominations on June 15, 2026.
You can watch his interaction with Sec. Bessent here.
