June 10, 2025

Banking Committee Democrats Call on Chairman Tim Scott to Hold Markup on "Big, Beautiful Bill" That Would Destroy CFPB and Undermine Financial Stability

"You have repeatedly emphasized the need to return to regular order in the Senate.  That means holding a markup on major new laws affecting financial regulation.”

Letter follows Banking Committee Republicans voicing concerns about the draft text violating Senate Byrd rule

Read letter here

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and every committee Democrat called on Chairman Senator Tim Scott (R-SC) to follow through on his commitment to regular order and hold a markup on the “Big, Beautiful Bill” instead of rushing it straight to the Senate floor. Signers of the letter to Scott include Senators Jack Reed (D-RI), Mark Warner (D-VA), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Tina Smith (D-Minn.), Raphael Wanock (D-GA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-MD). 

“We write to insist that the Banking, Housing, and Urban Affairs Committee observe normal order and hold a markup of the provisions in the budget reconciliation legislation that are in the committee’s jurisdiction. Not only do those provisions propose sweeping changes that would undermine our financial stability and make it easier for big banks and giant corporations to cheat American families, they also violate longstanding rules of the Senate that would make them subject to being stripped out under the Byrd rule.” wrote the Senators.

The Senators outlined the stakes of the bill: “(The bill) 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.” They also detailed how it would gut other key financial regulatory agencies and terminate a critical housing program. 

The Senators concluded: “The full committee should weigh in on the bill before it goes to the floor, especially given that it violates Senate rules as drafted. 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.”  

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