Columbia Standard

Senator Tim Scott, the Ranking Member of the Senate Committee on Banking Housing, and Urban Affairs, criticized the Biden administration's foreign and domestic policy failures during a recent hearing with Secretary of the Treasury Janet Yellen. In his opening remarks, Senator Scott highlighted the negative impact of the administration's economic policies on American families, calling it a "crisis" that has made the American Dream less attainable.

Speaking about the economy, Senator Scott pointed out that two-thirds of Americans do not have $1,000 in their savings accounts, and inflation rates have soared. He blamed the Biden administration for decimating families and burdening them with high costs of living. He stated, "The Biden administration and Bidenomics has decimated, destroyed, leveled, family after family after family."

Senator Scott also raised concerns about the Biden administration's approach to national security. He criticized the release of billions of dollars to Iran, calling it reckless and dangerous. He expressed his disappointment in the lack of urgency and accountability from Secretary Yellen and the Department of Treasury in addressing the issue. He stated, "I have not seen a sense of urgency, I have not seen accountability – and we find that frustrating."

Highlighting the attacks by Iran-backed terrorist groups on American servicemembers, Senator Scott emphasized the need for strong U.S. deterrence and condemned the Biden administration's policies that have weakened America's position on the world stage. He called for an end to any payments or relaxation of sanctions to Iran, stating, "The billion-dollar paydays to our adversaries must stop. It’s time to defend American servicemembers and American interests abroad."

Senator Scott also addressed the challenges facing America at its southern border, particularly the fentanyl crisis. He urged the use of economic tools to stop the flow of fentanyl into the country and shared the devastating impact of the drug on American families. He said, "Too many American lives are lost. The devastation that so many families feel today is undeniable because of fentanyl."

In addition to the economic and national security concerns, Senator Scott expressed his worries about the Treasury Department's potential abuse of power. He questioned the department's alleged use of politically-charged terminology to track Americans' financial transactions and called it a "gross abuse of power." He demanded a response from Secretary Yellen regarding these allegations.

In conclusion, Senator Scott criticized the Biden administration and the Department of Treasury for failing to deliver on their responsibilities to improve the economy, protect Americans, and lead the country to a better future. He stated, "America deserves better than what the Biden administration and the Department of Treasury has delivered to them."

The hearing provided an opportunity for Senator Scott to voice his concerns and hold the Biden administration accountable for its policies. As the Ranking Member of the Senate Committee on Banking Housing, and Urban Affairs, Senator Scott's remarks shed light on the challenges facing American families and the need for effective solutions to address them.