.Tim Scott’s statement on President Biden’s nomination of Christy Goldsmith Romero to lead FDIC:

The Biden administration’s political “junk fees” campaign ignores the impact of its rules and regulations on everyday Americans.

It’s consumers who will be harmed – late payments will increase, interest rates will increase, and consumer credit scores will decrease.

.consumerfinance.gov Director Chopra routinely disregards the limits of his authority.

Today, Tim Scott pressed Director Chopra on the aggressive tactics used by his agency, particularly against small businesses. WATCH:

The CFPB’s burdensome regulations and enforcement actions are incredibly costly for small businesses.

Companies that draw the ire of the agency are subjected to costly investigations, with little hope for relief – a bureaucratic witch hunt.

It’s clear that consumerfinance.gov Director Chopra’s rulemaking agenda is designed to score headlines and political points for President Biden instead of executing on the agency’s mission to protect consumers.

.Tim Scott to consumerfinance.gov Director Chopra: “Your agency brushes aside congressional concerns, forges ahead with political agendas, and pushes well past the boundaries of its authority.”

.U.S. Senate Banking Committee GOP stands ready to ensure accountability and transparency at the CFPB.

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TODAY consumerfinance.gov Director Chopra will testify before U.S. Senate Banking Committee GOP.

As the top Republican on the committee, Tim Scott will continue to hold Chopra accountable for acting outside the scope of his authority and for his abuse of enforcement powers.

Growing up in poverty, Tim Scott lacked access to financial literacy resources, so he knows firsthand how impactful financial education can be on young Americans' future success.

That’s why he has made it his mission to champion these critical programs and resources.

.FDIC Chairman Martin Gruenberg continues to sidestep Congressional oversight.

Tim Scott has repeatedly called for Gruenberg to testify before U.S. Senate Banking Committee GOP on the agency's toxic culture.
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.Tim Scott strongly believes that financial literacy is critical to climbing the ladder of success and achieving the American Dream.

Today, Ranking Member Scott partnered with Jump$tart Coalition to host an event on Capitol Hill promoting financial education for students.