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Chairman Scott Opens FSOC Oversight Hearing With Treasury Secretary Bessent

February 5, 2026 · U.S. Senate Banking Committee GOP · 0:04:11

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What happened

Senate Banking Committee Chairman Tim Scott delivered the opening statement at the committee’s Financial Stability Oversight Council hearing with Treasury Secretary Scott Bessent, in the committee’s excerpt. Scott said he was committed to pro-growth, pro-affordability policies, cited the GENIUS Act and the Road to Housing effort as bipartisan committee work, and argued affordability is about whether families can afford a home, save for the future, and feel confident hard work still pays off, as he framed the stakes.

Addressing Bessent directly, Scott credited the Secretary’s FSOC 2025 report with recognizing that economic growth and economic security are critical to financial stability, and criticized FSOC’s prior focus — which he said had centered on a climate agenda and treated nearly every sector, market and major institution as a potential vulnerability — as damaging to financial stability, as Scott characterized the council’s previous direction. He thanked Bessent for refocusing FSOC on household balance sheets and household financial resilience, arguing that strong households make the system more resilient, as he presented the argument.

Scott also said reassessing bank regulatory and supervisory frameworks to remove undue burdens is about making the system work for the people it serves, warned against conflicting rules and duplicative supervision, and recognized Treasury’s work implementing the GENIUS Act, which he said could expand dollar dominance and increase global demand for dollar-denominated assets such as U.S. Treasuries, as he stated the framework’s potential.

Why it matters

Scott’s opening sets the congressional frame for Bessent’s FSOC tenure: the stability council’s mission redefined around growth and household resilience rather than climate risk, with the GENIUS Act’s dollar-dominance case attached.

Sources: U.S. Senate Banking Committee GOP, “Chairman Scott Opening Statement at Banking Committee FSOC Hearing with Treasury Secretary Bessent”, 2026-02-05 (official upload, embedded above; published 2026-02-05). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.