Latest news with #TimScott
Bloomberg
3 days ago
- Business
- Bloomberg
Sen. Tim Scott on Tax Bill, Crypto, Combatting Debanking
Senator Tim Scott (R) South Carolina and Chair of the Senate Banking Committee discusses the meeting he and other key GOP Senators had with President Trump in the White House and what changes he and other Senators were advocating for in the tax bill. Senator Scott also shares his thoughts on the Congressional Budget Office stating the tax bill could add $2.4T to the nation's deficit, and talks about the GENIUS Act and when there could be a proposal on market structure legislation for cryptocurrency. Senator Tim Scott speaks with Bloomberg's Kailey Leinz. (Source: Bloomberg)
CNN
3 days ago
- Business
- CNN
Sen. Tim Scott: Trump's major policy bill will ‘protect American recipients of Medicaid'
South Carolina GOP Senator Tim Scott says he's optimistic Trump's massive policy bill will pass the Senate by July 4th and tells CNN's Pamela Brown what he thinks of Elon Musk's criticism of the legislation.
CNN
3 days ago
- Business
- CNN
Sen. Tim Scott: Trump's major policy bill will ‘protect American recipients of Medicaid'
South Carolina GOP Senator Tim Scott says he's optimistic Trump's massive policy bill will pass the Senate by July 4th and tells CNN's Pamela Brown what he thinks of Elon Musk's criticism of the legislation.
E&E News
4 days ago
- Business
- E&E News
Senate confirms Trump pick to be Fed's bank cop
The Senate on Wednesday confirmed President Donald Trump's pick to serve as the Federal Reserve's top official overseeing banks, installing a key regulator who is poised to advance the administration's financial deregulatory agenda. Senators voted 48-46, along party lines, to confirm Board of Governors member Michelle Bowman as the central bank's vice chair for supervision. Bowman, who has been on the Fed board since 2018, is a former community banker and state banking commissioner. She's been a major critic of federal banking regulation and supervision. Her nomination was widely supported by the bank industry and Republicans, who had pressed Trump to fill the role. Advertisement Sen. Tim Scott (R-S.C.), chair of the Senate Banking Committee, said in a statement that Bowman would 'increase transparency in financial regulation, rightsize our regulatory framework, and protect access to credit for hardworking Americans.'
New York Times
5 days ago
- Business
- New York Times
Congress Is Subsidizing the Wrong Neighborhoods
When President Trump signed Republicans' 2017 tax legislation into law, one section in it stood out for its ambitious goal: directing private investment dollars to left-behind communities. The law provides a tax incentive for long-term investment in economically disadvantaged communities that were designated by governors as so-called opportunity zones, subject to federal standards based on the communities' median income and official poverty rate. It was a worthy attempt at bolstering development in areas needing greater investment to stimulate the local economy. As The Times reported in 2018, Senator Tim Scott, a South Carolina Republican who championed the provision, explained that he was motivated by his belief that 'there's untapped potential in every state in the nation.' The problem? Opportunity zones were meant to be a game changer for persistently poor areas, but under the current law, far more money has gone to communities that qualified as poor but were already growing economically. Today, as Congress considers extending opportunity zones in Mr. Trump's 'big, beautiful' budget bill, many of its members appear to be overlooking this flaw and setting the program up to continue failing the very Americans it was meant to help. But there's still time to fix it. Before the 1980s, lower-income and economically depressed neighborhoods tended to improve over time as the benefits of economic innovation spread to workers and areas across the country. The past 40 years have been a different story: Poorer areas tend not to catch up to better-off areas. Opportunity zone tax incentives are meant to encourage the private sector to create the scale needed to turn around communities. The idea was that individuals would be spurred by generous tax breaks to reinvest capital gains into new businesses, which would generate economic development in struggling areas and in turn increase jobs there. Want all of The Times? Subscribe.
