July 04, 2025

Scott Hails President Trump’s Signature on the One Big Beautiful Bill

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

“With President Trump’s signature on the One Big Beautiful Bill, we’ve delivered a victory for the American people. From reining in the unaccountable Consumer Financial Protection Bureau, to defunding wasteful Green New Deal spending, to eliminating a Securities and Exchange Commission slush fund, I’m proud of the Banking Committee’s important provisions that help deliver on President Trump’s mandate to cut waste and duplication in our federal government and save hardworking taxpayer dollars. We’re also providing the Trump administration with important funding to bolster domestic production and protect our national security. Now, this legislation will be critical to ushering in a Golden Age of America,” said Chairman Scott.

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

  • Consumer Financial Protection Bureau’s (CFPB) funding cap – Decreasing the CFPB’s mandatory funding cap for the first time in fifteen years. 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 eliminating 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.