Senate Banking Committee Chairman Tim Scott has issued a statement regarding the ongoing reconciliation discussions related to the Senate Republicans' legislative proposal known as the One Big Beautiful Bill. The discussions are taking place with the Senate parliamentarian.
Chairman Scott emphasized his commitment to advancing legislation aimed at reducing waste and duplication within the federal government, with a focus on saving taxpayer dollars. "I remain committed to advancing legislation that cuts waste and duplication in our federal government and saves taxpayer dollars," Scott stated.
The current provisions from the Banking Committee include delaying the implementation of Section 1071 of Dodd-Frank, which is intended to reduce Consumer Financial Protection Bureau (CFPB) spending while protecting small business owners' privacy and data. Additionally, these provisions propose rescinding unused funds designated for green initiatives, allowing the Department of Housing and Urban Development (HUD) more discretion in funding critical housing programs. Furthermore, they aim to save taxpayer money by eliminating an unnecessary reserve fund at the Securities and Exchange Commission (SEC).
Scott reiterated his dedication to reducing wasteful spending at the CFPB and expressed his intention to continue working closely with the Senate parliamentarian on these provisions. "My colleagues and I remain committed to cutting wasteful spending at the CFPB and will continue working with the Senate parliamentarian on the Committee's provisions," he added.
