Congressman William Timmons (SC-04) has been selected by the Republican Steering Committee to serve on the influential House Financial Services Committee. 

“I am deeply honored by the opportunity to serve as the voice for the Upstate on this critical committee,” said Timmons. “I look forward to bringing my experience and perspective as a business owner to committee discussions that impact our state’s economy and citizens. South Carolina’s economy is thriving, but many of our small business owners continue to face challenges with issues like access to capital, data security, and reliable credit reporting. Our state is also home to the fifth most flood insurance policies written in any state in the country. The House Financial Services Committee has jurisdiction over these important issues, and I am looking forward to giving our state a voice in the conversation.” 

“Congressman Timmons’ experience as a small business owner will make him a valuable addition to the Financial Services Committee as Republicans continue to work to find solutions for investors, consumers, and job creators of all sizes,” said Ranking Member Patrick McHenry (NC-10). “I look forward to working with William on the Committee and have no doubt he will continue to serve our nation, and South Carolinians, well in this new capacity.”

Since Mick Mulvaney’s retirement from Congress in early 2017, South Carolina has not had representation on the Committee. It oversees financial sectors including real estate, banking, insurance, securities, and public and assisted living. The Committee also has jurisdiction over the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, international development finance agencies such as the World Bank and the International Monetary Fund, and of particular importance to the state, the Export-Import Bank and the National Flood Insurance Program.

South Carolina is home to 72 operating community banks with $39.2 billion in deposits, 337 credit union branches, 3,600 independent insurance agents, 94 different companies in the mortgage business, and countless other small and medium sized businesses operating in other parts of the financial services industry. According to the South Carolina Department of Employment and Workforce, over 100,000 individuals work in the sector in the state.

South Carolina Responds to Timmons' Selection to the HFSC

“The entire banking industry in South Carolina is delighted about Congressman Timmons’ appointment to the very important House Financial Services Committee,” said President/CEO of South Carolina Bankers Association Fred L. Green III. “The Congressman is one of only a few serving in Congress who has actually worked in a bank and understands the role banks play in our economy and every community they serve. We look forward to working with Congressman Timmons on the important issues that face our industry. ”

“Congressman Timmons has been a great addition to the South Carolina congressional delegation and was a strong supporter during his tenure in the South Carolina Senate,” said Carolinas Credit Union League President/CEO Dan Schline. “As a small business owner, he understands the importance of access to capital and the need for common sense regulation. We’re pleased to have Congressman Timmons join the House Financial Service Committee and look forward to the opportunity to work with him on behalf of South Carolina’s 1.57 million credit union members.”

Independent Insurance Agents & Brokers of America Chairman Jon A. Jensen of Spartanburg  said: “I would like to congratulate Rep. Timmons on his selection to serve on the House Financial Services Committee. The committee has a broad impact on South Carolina and its insurance markets with jurisdiction over important issues such as flood insurance, terrorism risk insurance and maintaining our state-based system of insurance regulation. We are delighted that Rep. Timmons will play an important role in making sure his constituents from South Carolina’s 4^th District will be represented on these important issues.”

"The SC Association of Realtors is pleased to learn that Rep. William Timmons will be serving on the House Financial Services Committee. Rep. Timmons will do a great job representing South Carolina’s interests on the committee,” said SC Association of Realtors’ Federal Political Coordinator Adair Senn. “The House Financial Services Committee has jurisdiction over policy relating to the real estate industry and it is so important to have a voice from South Carolina on the committee. On behalf of the 24,000 realtors in South Carolina, we want to congratulate Rep. Timmons and we look forward to continue working with him."

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