Senate Banking Committee Chairman Tim Scott (R-SC) says President Donald Trump and congressional Republicans are prioritizing economic relief for working Americans, declaring 2026 “the year of affordability.” In an exclusive interview with Breitbart News, Scott laid out the GOP’s economic blueprint and warned that Democrats are obstructing pro-growth efforts.
Scott outlined several key measures from what he referred to as the “Big Beautiful Bill,” set to take effect in 2026. The legislation includes major tax relief provisions designed to increase disposable income for working families:
- No federal taxes on tips
- No taxes on overtime pay
- A $6,000 deduction for Social Security recipients
- An expanded child tax credit
- A new Trump Account program offering $1,000 savings accounts for children born between 2025 and 2028
“These policies are aimed directly at helping the American worker, the American family, and restoring prosperity,” Scott said.
Scott also highlighted the GENIUS Act, which promotes the use of stablecoins by creating a light-touch regulatory framework to improve financial transaction speeds. He emphasized that technology should work for consumers, not be buried under outdated financial regulations.
As part of regulatory reform, Scott helped move the Financial Integrity and Regulation Management (FIRM) Act through committee. The bill strips “reputational risk” as a metric in banking assessments—a practice used to justify debanking politically disfavored individuals or businesses.
In the housing sector, Scott advanced the Renewing Opportunity in the American Dream (ROAD) to Housing Act, which was included in the 2025 National Defense Authorization Act. The legislation aims to reduce closing costs, streamline homebuying, and incentivize local jurisdictions to increase housing availability. It also supports modular housing as a path to expanding access.
“We’re going to make sure that President Trump’s agenda of reducing the age of a first-time homebuyer becomes a reality in 2026,” Scott said.
Scott criticized Democrats for stalling bipartisan progress on cryptocurrency legislation and other initiatives. “I’m not sure if the Democrats are trying to put coal in America’s stockings, but it feels like they are,” he said.
Looking ahead, Scott said Republicans will focus on ending politically driven “debanking” and crafting a national strategy on artificial intelligence to ensure American dominance in emerging technologies.
