TL/DR –
Chairman Tim Scott released updated legislative text for the Senate Banking Committee’s sections in the Senate Republicans’ One Big Beautiful Bill. The updated bill includes steps to decrease the funding cap for the Consumer Financial Protection Bureau, rescind unused funds for green housing initiatives and abolish an unnecessary reserve fund at the Securities and Exchange Commission. The legislation also provides a $1 billion funding for the Defense Production Act, an important tool to protect national security.
June 26, 2025 – Senate Banking Committee Unveils Updated Legislative Text of One Big Beautiful Bill
Chairman Tim Scott (R-S.C.) has released the updated legislative text of the Senate Banking Committee’s provisions in the One Big Beautiful Bill endorsed by Senate Republicans. This legislation aims to cut federal government waste and save taxpayer dollars.
Scott stated, “We have worked closely with the Republican conference and the Senate Parliamentarian to form a legislation that aligns with President Trump’s mandate. Our bill decreases the Consumer Financial Protection Bureau’s (CFPB) funding cap without affecting its statutory functions, rescinds unused funds for green housing initiatives, and eliminates an unnecessary SEC reserve fund.”
The updated legislation proposes three key changes:
- Reducing the CFPB’s funding cap without affecting its functions;
- Rescinding funds from the Inflation Reduction Act’s green housing initiatives, and granting the Department of Housing and Urban Development discretion in funding critical housing programs; and
- Eliminating the SEC Reserve Fund and sweeping unused funds for technology modernization.
The committee also provides $1 billion in funding for the Defense Production Act (DPA), a priority for President Trump and a crucial tool for national security.
For a summary of the committee’s provisions, click here. For a detailed view, click here. For the complete bill text, click here.
Previous article: Scott Joins Lummis, Hines to Discuss Principles of Digital Asset Market Structure Legislation
—
Read More US Economic News