Sen. Tim Scott, R-S.C., the ranking member on the Senate Banking Committee, is calling on the Securities and Exchange Commission — along with other financial and housing regulators — to cease all rulemaking activity. But such a halt is unlikely, a regulatory consultant said.
In a letter Monday to President Joe Biden, Scott also told Biden to withdraw nominations before the committee.
On Nov. 5, "Americans across the country rejected your administration’s radical economic agenda and delivered President Trump and the incoming Republican Congress a clear mandate to usher in a new era of government," Scott wrote. "Given this mandate, it is incumbent upon you and your administration to ensure that President Trump can implement the agenda the American people voted for by allowing him to take office on January 20th with a fresh slate.”
As the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs, Scott said that the agencies overseen by the committee should "cease all rulemaking, including the finalization of any pending or proposed regulations or guidance, and to comply with federal record retention laws and preserve all agency documents, records, and communications."
