June 26, 2025

Scott Releases Updated Banking Committee Provisions in the One Big Beautiful Bill

Washington, D.C. – Tonight, Chairman Tim Scott (R-S.C.) released updated legislative text of the Senate Banking Committee’s provisions in Senate Republicans’ One Big Beautiful Bill:

“After working closely with my colleagues on the committee and across the Republican conference, as well as the Senate Parliamentarian, we’re in a position to advance legislation that helps deliver on President Trump’s mandate to cut waste and duplication in our federal government and save hardworking taxpayer dollars. The committee’s language decreases the Consumer Financial Protection Bureau’s (CFPB) funding cap without affecting the statutory functions of the Bureau. In addition, the updated legislation rescinds unused funds earmarked for green housing initiatives and saves taxpayer dollars by eliminating an unnecessary reserve fund at the SEC. These provisions will reduce waste and duplication in financial regulation, put our federal government on a more sustainable fiscal path, allow Americans to keep more of their hard-earned money, and bolster our national security,” said Chairman Scott.

The Banking Committee’s updated legislation saves taxpayer dollars by:

  • Decreasing the Consumer Financial Protection Bureau’s (CFPB) funding cap – This provision saves taxpayer dollars without affecting the statutory functions of the CFPB.
  • Inflation Reduction Act (IRA) – Rescinding funds from the Inflation Reduction Act’s green housing initiatives and gives 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. For bill text, click here.

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