WASHINGTON—The Senate Banking Committee’s provisions for the Big Beautiful Bill have been released.
Senate Banking Committee Chairman Tim Scott (R-SC) released the legislative text.
“Congress has a mandate to deliver President Trump’s agenda for the American people – and that means streamlining the federal bureaucracy, cutting red tape, and saving taxpayer dollars,” Scott said in a release on the Banking Committee’s website. “As Chairman of the Senate Banking Committee, I’ve worked with my colleagues on the committee, across the Senate, and on the other side of the Capitol to carefully scrutinize programs and spending within our jurisdiction and identify efficiencies and cost savings.”
According to the release, the Banking Committee’s 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.
- Creating Pay Parity between the Federal Reserve and the Treasury Department - Currently, non-monetary policy employees at the Federal Reserve are paid significantly more than Department of the Treasury employees. This provision aligns their pay.
- Ending the duplicative Office of Financial Research (OFR) - Members of the Financial Stability Oversight Council (FSOC) already have economic or research functions. Eliminating OFR saves taxpayer dollars and does not impact FSOC’s ability to review economic data.
- Transferring duplicative Public Company Accounting Oversight Board (PCAOB) functions to the Securities and Exchange Commission (SEC) - Transferring the duties of the PCAOB into the SEC allows the SEC to carry out the PCAOB’s mission with less duplication and at a lower cost.
- Reducing small business lending data collection by postponing the implementation of Dodd-Frank Section 1071 - Small business lending data is already collected by a number of public and private entities. Postponing the implementation of this rule reduces these duplicative reporting requirements without compromising data collection.
According to the Banking Committee, the provisions’ language also returns unobligated and unused funds to the Treasury:
- Inflation Reduction Act (IRA) – Rescinds funds from the Inflation Reduction Act’s green housing initiatives.
- SEC Reserve Fund – Sweeps unused money from an SEC fund that allows the agency to spend money on technology modernization and eliminates the fund permanently.
Both the America’s Credit Unions and the Defense Credit Union Council said they are reviewing the language in the Banking Committee’s text.