Senate Banking Committee Chairman Sen. Tim Scott has released legislative text of the Committee’s provisions in Senate Republicans’ One Big Beautiful Bill.
According to Sen. Scott, the Senate Banking Committee’s version of the legislation would cut funding between the Federal Reserve and the Consumer Financial Protection Bureau (CFPB).
Section 30001 of the measure changes the ability of the CFPB to fund itself by receiving from the Federal Reserve an amount of up to 12% of the Fed’s inflation adjusted profits in 2009 from 12% to 0%. This does not affect the Bureau’s existing ability to request funds from Congress, and will save an estimated $6.36 billion.
“Congress has a mandate to deliver President Trump’s agenda for the American people—and that means streamlining the federal bureaucracy, cutting red tape, and saving taxpayer dollars, “said Sen. Scott. “As Chairman of the Senate Banking Committee, I’ve worked with my colleagues on the Committee, across the Senate, and on the other side of the Capitol to carefully scrutinize programs and spending within our jurisdiction and identify efficiencies and cost savings. This legislation takes important steps to reduce waste and duplication in financial regulation while bolstering our national security, and I look forward to advancing these provisions as part of the One Big Beautiful Bill.”
Sen. Elizabeth Warren, Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Committee Democrats are calling on Sen. Scott to follow through on his commitment to a regular order and hold a markup on “One Big, Beautiful Bill” instead of rushing it straight to the Senate floor. Joined by Sens. Jack Reed, Mark Warner, Chris Van Hollen, Catherine Cortez Masto, Tina Smith, Raphael Warnock, Andy Kim, Ruben Gallego, Lisa Blunt Rochester, and Angela Alsobrooks, the letter asks for “the need to return to regular order in the Senate … that means holding a markup on major new laws affecting financial regulation.”
“The draft text would gut critical financial regulatory agencies,” said the letter. “It would eliminate the Consumer Financial Protection Bureau, the agency that has returned more than $21 billion directly to families cheated by financial scams and has helped prevent the kinds of abusive practices that cost millions of Americans their jobs, homes, and retirement savings in the 2008 financial crash.”
The U.S. House of Representatives narrowly passed One Big Beautiful Bill Act by a vote of 215-214 before moving onto the Senate.
“The American people deserve a fully transparent process, not a secret process for making fundamental changes to our financial system that will raise their costs, make it easier for companies to get away with fraud, and increase the risk of a financial crash. We ask that you immediately schedule a markup for this legislation,” concluded the letter.
Click here to read the full letter from Sen. Warren and the Democratic members of the Senate Banking Committee on the markup to “One Big Beautiful Bill.”
