July 01, 2025

Scott Applauds Senate Passage of the One Big Beautiful Bill

“For the first time since the passage of Dodd-Frank, Congress is reining in the unaccountable Consumer Financial Protection Bureau and decreasing its mandatory funding cap by 46%...,” said Chairman Scott.

Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) released the following statement after the Senate passed the One Big Beautiful Bill:

“For the first time since the passage of Dodd-Frank, Congress is reining in the unaccountable Consumer Financial Protection Bureau and decreasing its mandatory funding cap by 46%, which will save over $2 billion and require the Bureau to be fiscally responsible. The committee’s language also defunds wasteful Biden administration Green New Deal spending and saves taxpayer dollars by eliminating an unaccountable SEC slush fund. After working closely with my colleagues on the committee and across the Republican conference, as well as with the Senate Parliamentarian, we’ve advanced legislation that helps deliver on President Trump’s mandate to cut waste and duplication in our federal government and save hardworking taxpayer dollars. I urge the House to quickly pass this historic bill and get it to President Trump’s desk,” said Chairman Scott.

The Banking Committee’s legislation in the One Big Beautiful Bill saves taxpayer dollars by:

  • Decreasing the Consumer Financial Protection Bureau’s (CFPB) funding cap – For the first time in fifteen years, Republicans have decreased the CFPB’s mandatory funding cap. This provision requires the Bureau to be fiscally responsible but does not affect the statutory functions of the CFPB.
  • Inflation Reduction Act (IRA) – Rescinding funds from the Inflation Reduction Act’s green housing initiatives and giving the Department of Housing and Urban Development (HUD) discretion in funding critical housing programs.
  • SEC Reserve Fund – Sweeping unused money from an SEC slush fund for technology modernization and eliminates the fund permanently.

Additionally, the Banking Committee’s language provides $1 billion in funding for the Defense Production Act (DPA) – a priority of President Trump and an important tool to protect our national security.

For a one-pager of the committee’s provisions, click here. For a section-by-section, click here.

###