The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on how to improve affordability for households, with Chairman Tim Scott using his opening remarks to argue that lower costs should come from competition, innovation and reduced regulatory burdens rather than expanded government programs or spending. In that context, he highlighted Senate Republican priorities across tax, housing, digital assets, credit reporting and financial regulation as measures intended to reduce costs for families, borrowers and small businesses. Scott pointed to the Working Families Tax Cuts, which he said delivered tax cuts to 97 percent of Americans and would raise take-home pay by nearly USD 300 a month for working families, with the largest benefits going to those earning less than USD 200,000 a year. He also cited the Senate's passage of the 21st Century ROAD to Housing Act by an 85-to-5 vote, describing it as a measure to cut red tape, increase housing supply and preserve local control. On digital assets, he said the GENIUS Act, signed into law last year, created a regulatory framework for payment stablecoins, while the next step is completing market structure legislation through the Clarity Act. He also called for better implementation of the Credit Score Competition Act to help credit-invisible consumers build scores, and for what he described as regulatory rightsizing that protects consumers without increasing the cost of credit. Looking ahead, Scott said he expects further work on digital asset market structure legislation and said he looks forward to President Trump signing the housing legislation into law. He framed the hearing itself as an opportunity to gather practical steps to lower costs, expand opportunity and reduce unnecessary regulatory burdens without growing government.

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