FBN, MORNINGS WITH MARIA INTERVIEW WITH SEN. TIM SCOTT (R-SC)

TRANSCRIPTMarch 28, 2025NEWS PROGRAMSEN. TIM SCOTT (R-SC)FBN, MORNINGS WITH MARIA INTERVIEW WITH SEN. TIM SCOTT (R-SC)VIQ Media Transcription, Inc.20 East Thomas Road, Suite 2200Phoenix, AZ [email protected] 2025. Provided under license from VIQ Media Transcription, Inc.All materials herein are protected by United States copyright lawand/or license from VIQ Media Transcription, Inc., and may not bereproduced, distributed, transmitted, displayed, published orbroadcast without the prior written permission ofVIQ Media Transcription, Inc.You may not alter or remove any trademark, copyright or othernotice from copies of the content.FBN, MORNINGS WITH MARIA INTERVIEW WITH SEN. TIM SCOTT (R-SC)MARCH 28, 2025SPEAKERS:SEN. TIM SCOTT (R-SC)MARIA BARTIROMO, FBN ANCHOR MARIA BARTIROMO, FOX BUSINESS NETWORK ANCHOR: Joining me now is South Carolina Senator and Senate Banking Committee Chairman, Tim Scott. Mr. Chairman, thank you so much for being here this morning. SEN. TIM SCOTT (R-SC): Good morning, Maria. It's good to be with you. So what was your take away from Paul Atkins' testimony, and what would you think his tenure would look like, should he get confirmed? SCOTT: Well, just remember, under President Biden, Gary Gensler was a dud. He really wanted to fix and control the market. Under President Trump, Paul Atkins is going to be a stud. It's a genius choice. Here's a man who has committed his life to making sure that capital forms in America. We have to have winners and losers. We have to have success as our dream. To have that, you need to have a regulatory environment that is healthy. Paul Atkins is the man to get that job done. He did a great job yesterday by the way. The Democrats are losing their minds because they've lost their voters, and a classic example of that Maria, is the cryptocurrency industry. Under Gensler, he punished the industry. He forced them out of business, basically. Under Atkins and President Trump, we are open for business. Let's have innovation before over regulation in America, it was a really good day if you believe in freedom. BARTIROMO: Yeah, and I think he explained the impact of all of these regulations in terms of so many companies wanting to invest and wanting to do deals and move forward were handicapped by so many rules and regulations. SCOTT: Absolutely. BARTIROMO: What did they do? They went overseas. They went to Ireland, they went elsewhere — SCOTT: Yes. BARTIROMO: — in Asia, in Europe, and they did their deals and invested there. Did he talk a bit about that? Because I know that that's something he has said in the past. SCOTT: You know, one of the things that we did cover yesterday, Paul — Maria, was Paul really spent a lot of time focusing on the importance of capital formation in America. BARTIROMO: Right. SCOTT: You think about issues in the cryptocurrency world, digital assets. He was brilliant on bringing the message to the market. Your business is walking in America. If it's legal, let's do business. BARTIROMO: So what's the timing, then? Do you think he will get confirmed? SCOTT: Oh, absolutely. Paul is going to be our SEC Chairman. And here's the good news, it will happen very quickly. President Trump's nominees have been moving through my committee very fast. Leader Thune will have plenty of room on the floor to make sure that President Trump's team is in place quick, fast and in a hurry. BARTIROMO: And is the most important sort of item around digital assets, the regulatory framework there, because here, too, we don't have any clarity in terms of what the backdrop should look like. And President Trump has said many times he wants digital assets to be prominent in America, in America to be the crypto capital of the world. SCOTT: Yes. Absolutely, Maria. We have to move really quickly to make sure that happens. Number one, just about 10 days ago, we passed out of my committee the stablecoins legislation called the GENIUS Act. That set up standards. It allows for state oversight under $10 billion. It put in place the right legal framework so that we can see stablecoins moving forward. But you need market structure to come next. It is right on the edge of coming to my committee, as well as in the House. So the good news is the market structure, regulatory environment is coming very quickly. Great news for digital assets, but even better news for Americans working paycheck to paycheck who want to see democratization happen throughout this nation. It's a good day to be an American. BARTIROMO: Yeah, and I was so happy with the passage of the stablecoin legislation, because that's one area of digital assets, I think that people understand. It's attached to the blockchain. It's backed by real assets. We've had on two major companies in that space, Tether and Circle. Tether, of course, backs up its products with treasuries. They're among the largest buyers of U.S. Treasuries. SCOTT: Absolutely Maria. One of the things about the stablecoin legislation that we were able to pass, dollar for dollar are the reserves for every stablecoin, every dollar that is in a stable coin has to be backed by $1. That is great news. It makes it sound and safe, but more importantly, from a global perspective, it puts the U.S. dollar, our currency, back on track to remain the number one currency in all of the world. BARTIROMO: That's very good point. Meanwhile, the Senate passing the Congressional Review Act yesterday, a resolution you introduced Senator supposed to overturn a Biden era — SCOTT: Yes. BARTIROMO: — CFPB rule, which imposes new price controls on overdraft services offered by banks and credit unions. Tell us about that and where this heads next. SCOTT: Bottom line is simply this. Price controls always leads to fewer products and services or higher interest rates for low income Americans. If you want to see more financial inclusion, more folks in our country banked versus unbanked, you can't control the market. Let's let the private sector control the private sector. Not President Biden, and certainly not the regime he put in place. Therefore, his conversation about junk fees was actually to divert attention away from the inflation that he caused. Eliminating his junk fee conversation and the CFPB controlling the market only means more Americans will have free checking again, and that's great news. Every time President Biden wanted to change something, he actually wanted government to control something. They really believe Maria, government is God. That's not true. Jesus is Lord, therefore, let's let the free market figure out what they need, and consumers will pick and choose. Credit unions, local banks, big banks. It's their choice. It's a good thing. BARTIROMO: Senator, President Trump is getting tough on executing his agenda. He's calling back Elise Stefanik, get back in the House. We need the votes. He's talking about getting things done in one big, beautiful bill. Where are you, Senator? Do you believe you are going to have clarity in terms of one bill, two bills, three bills, whatever it is, by the time you leave for the Easter holiday in two weeks? SCOTT: I think we will. Here's what I know for sure, because of President Trump's strong leadership, we have a Republican party that is one team led by President Trump. The only question is, when, not if, my answer to when is before the Easter break, so to speak, we are going to make sure that there is clarity on closing the border, because we're going to fund it. On making sure that our military is not a pawn for the Democrats, because we're going to take care of them, to make sure that energy exploration, as he says, it, drill, baby drill, happens here in America. We will be the leading country around the world. Those three major items, plus the 2017 TCJA will be passed. Good news coming your way — BARTIROMO: That's what I was just going to say — glad you said that. I'm glad you said that because I was just going to say what about the tax extensions? Is that later in the year, or in that one bill? You think you'll have something on the President's desk by May? SCOTT: I hope that we will. We have one big, beautiful bill right now, but as long as we get it done before this tax season is over, great news. BARTIROMO: Senator, great to see you this morning. Always a pleasure. Thank you, sir. SCOTT: Thank you, Maria. BARTIROMO: All right. Senator Tim Scott. SCOTT: See you soon. END