Chairman Tim Scott (R-S.C.) has unveiled the Senate Banking Committee's contributions to the Senate Republicans' One Big Beautiful Bill. The legislative text aims to enhance the American economy by reducing waste and duplication in financial regulation while providing funding for national security.
Scott emphasized Congress's responsibility to fulfill President Trump's agenda, which includes streamlining federal operations, reducing bureaucratic hurdles, and saving taxpayer money. "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," Scott stated. He expressed his anticipation of advancing these provisions as part of the broader bill.
The committee's legislation proposes several measures to save taxpayer dollars:
- Reducing the Consumer Financial Protection Bureau’s (CFPB) funding cap without affecting its statutory functions.
- Establishing pay parity between employees at the Federal Reserve and those at the Treasury Department.
- Eliminating the Office of Financial Research (OFR), whose functions are already covered by members of the Financial Stability Oversight Council (FSOC).
- Transferring Public Company Accounting Oversight Board (PCAOB) duties to the Securities and Exchange Commission (SEC) to reduce duplication.
- Postponing Dodd-Frank Section 1071 implementation to decrease small business lending data collection redundancy.
Additionally, unobligated funds will be returned to the Treasury:
- Rescinding funds from green housing initiatives under the Inflation Reduction Act.
- Sweeping unused money from an SEC fund designated for technology modernization.
The legislation also allocates $1 billion for the Defense Production Act (DPA), aligning with President Trump's priorities for national security protection.
