Sen. Scott Questions Scott Bessent at Confirmation Hearing

WASHINGTON — U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, questioned Scott Bessent, President-elect Trump’s nominee to serve as U.S. Treasury Secretary, at his confirmation hearing. Senator Scott and Mr. Bessent discussed a range of topics, including the stability of our nation’s banking industry, Opportunity Zones, and the 2017 Tax Cuts and Jobs Act (TCJA). 

Excerpts from Senator Scott’s questioning can be found below:

On the American banking system… 
“One of the things I think about as the right thing… is having some stability in our financial system. One of the places where we need the greatest amount of stability is for our banks. So, think about Silicon Valley Bank and other banks that failed recently. As you can imagine, as the chairman of the Banking Committee, I care deeply about the stability and strength of our banking system. From your vantage point, can you provide your assessment of the current safety and soundness of the U.S. banking industry, and what steps do you believe are necessary to ensure long term stability?”

On Opportunity Zones … 
“As you know, I wrote the legislation and Opportunity Zones was in fact a bipartisan piece of legislation – although it’s only supported by Republicans. And the results of the Opportunity Zones have been astounding. My friends who are mayors, Democrat mayors, support it and celebrate it. And my friends who are Republican governors support it and celebrate it because the fact is simple that $84 billion [that has been] committed and invested in Opportunity Zones have led to real help coming into some distressed communities. It’s only had less than a five percent gentrification rate, which is really important… So many folks, mayors around the country, said for the first time, because of Opportunity Zones, they’re seeing affordable housing in their downtown areas… I hope that the administration will spend some time encouraging and supporting the next iteration of Opportunity Zones.”

On the TCJA… 
“As a result of the TCJA, we saw the richest Americans’ tax burden, as a percent of revenues coming in, go up and we saw the poorest Americans’ [tax burden], as a percent of revenue coming into the government, go down. I think the easiest way to say that is to recognize that a single mother – like the one who raised me – in 2017 made on average $40,000 a year. Her tax burden… her tax rate went down by 71 percent. That is a result of good policy being good politics, and I hope we keep our eye on the ball of helping the average American have more of their money in their pockets.”

###