As a member of the Senate Committee on Banking, Senator Britt is committed to conducting meaningful oversight over the Biden Administration’s aggressive rulemaking agendas. Whether it’s the Fed, FDIC, SEC, or CFPB – this Administration’s continued attempts to over-regulate industry and small businesses are concerning, and it’s the end-user and the local institutions that will ultimately be hurt the worst. As federal regulators continue to push rulemakings and proposals that would fundamentally alter an otherwise strong banking system, Senator Britt will continue to highlight the trickle-down effects of these rules across almost every community and sector in our nation.
Additionally, since the Banking Committee has jurisdiction over our country’s sanctions policies, Senator Britt has been actively involved in efforts to ensure that this Administration is properly using its authorities to fully enforce sanctions against Iran, Hamas, and other adversaries. As the Biden Administration continues to issue sanctions waivers and effectively enrich Iran to fund terrorist proxies, Senator Britt has supported legislation that holds the Administration accountable, condemns our adversaries, and stands with our allies. She believes that responsible U.S. support for our allies is critical to reestablish deterrence and achieve peace through strength, because an emboldened Russia is an emboldened China, is an emboldened Iran.
In the past three years, Democrats in charge of Congress and the White House enacted two massive spending bills on a partisan basis – the so-called “American Rescue Plan” and the “Inflation Reduction Act.” Combined, these bills added more than $2.5 trillion to the national debt – including spending $370 billion to jam through the Democrats’ radical Green New Deal climate agenda. Because the federal government is spending beyond its means, we have to pay interest on that debt as well. In 2024, the cost of servicing the national debt is projected to rise to $879 million because of higher interest rates on our rising national debt, making servicing the debt the second-largest federal program over U.S. defense spending. At this rate, by 2033, we will owe over $1.3 trillion just in annual interest on our national debt. Americans know that this level of spending in simply unsustainable. It has not only saddled our children and our children’s children with debt, but it has fueled inflation that is crushing hardworking Americans right now.
Senator Britt knows that United States economy is the envy of the world, as the U.S. dollar continues to be the world’s principal reserve currency. She believes that in order to reinforce the U.S.’s global dominance in the face of our adversaries, we must work expeditiously to protect taxpayers, reduce the size and scope of the federal government, and pass responsible appropriations bills through regular order. She will continue to work with her colleagues in the Senate on commonsense solutions that put hardworking Americans first – taxpayers do not want to see more reckless tax-and-spend sprees. Under this Administration’s policies, American families’ money doesn’t go as far as it did just four years ago – they’re working twice as hard to put enough gas in their cars and groceries on their tables. Meanwhile, mortgage rates are through the roof and credit card debt is at an all-time high. Families are feeling this strain day in and day out, and ultimately, will vote based on these kitchen table issues.
Senator Britt knows that we are all better served when our hard-earned income remains in our pockets, allowing every individual the opportunity to live the American Dream. She is committed to slashing the burdens on small businesses, from entrepreneurs just starting out to the established, family-owned shops on local Main Streets across our great state and nation, and fighting tirelessly for the families they support.
