Congress
Financial Services Republicans approve CFPB cuts for GOP megabill
House Financial Services Republicans approved legislation Wednesday that would slash funding for the Consumer Financial Protection Bureau and dissolve the Public Company Accounting Oversight Board into the Securities and Exchange Commission as part of the party-line, GOP megabill that is central to President Donald Trump’s agenda.
The panel voted along party lines, 30-22, to advance its portion of the GOP package, which is expected to include sweeping tax, energy and border policy changes. Financial Services Republicans say their section of the bill will produce more than the $1 billion in savings it was instructed to find.
The measure would slash the amount of funding the CFPB has access to by almost 60 percent. The bureau’s funding, which is derived from the Federal Reserve, would be capped at 5 percent of the central bank’s operating expenses under the proposal — down from the current limit of 12 percent.
The legislation would also dissolve the U.S.’s top audit regulator, the Public Company Accounting Oversight Board, and fold it into the SEC.
Financial Services Chair French Hill (R-Ark.) said at the markup that his committee “will do its part to reduce the deficit and decrease direct spending so that Congress can enact pro-growth tax policies.”
Democrats offered more than three dozen amendments that were shot down by Republicans throughout the nine-hour markup. They also put up procedural hurdles that slowed down the start of the meeting.
Financial Services ranking member Maxine Waters (D-Calif.) said Republicans on the committee were “co-signing” the Trump administration’s “destruction” by “helping Trump and co-president Elon Musk dismantle the agencies responsible for helping bring down costs,” including the CFPB.
Democrats offered an array of amendments aimed at bolstering the CFPB, which has been a longtime GOP target. They also offered provisions aimed at boosting the supply of affordable housing, protecting the independence of the Federal Reserve and targeting the Trump family’s crypto businesses.
“We are here because Donald Trump feels that he and Elon Musk are not rich enough, and we need to $4.5 trillion of tax cuts,” said Rep. Sean Casten (D-Ill.). “They’ve realized politically that they can’t do that by cutting social security and defense, and all that’s left is massive cuts to everything else. And so … the dutiful soldiers are marching forward to cut the things that are subject to the jurisdiction of this committee.”
Republicans shot down every amendment along party lines, often saying they were not germane to the underlying bill. In order for this bill to be able to pass the Senate without Democratic votes through the filibuster-skirting budget reconciliation process, only policies that change spending or revenues can be included.
“The amendments are seeking to make policy changes that we simply cannot address today in this markup for reconciliation,” said Rep. Bill Huizenga (R-Mich.). “Everything that we’re discussing and proposing in this bill has budgetary impacts, not policy impacts, and these budgetary impacts and savings are means to get our country back on track.”
A clean energy group is launching a $1.5 million spend against Rep. Lauren Boebert (R-Colo.), its latest effort this midterm cycle targeting Republicans who actively work against renewables.
The Invest in Tomorrow Coalition’s first ad in the spend, which was obtained by Blue Light News, focuses on an embarrassing incident for Boebert: when she was ejected from a live musical performance of “Beetlejuice” for allegedly vaping, singing and recording the show.
“If Lauren Boebert can’t be trusted in a room full of kids, then she can’t be trusted in the halls of Congress,” the ad says.
The spot makes no mention of clean energy or Boebert’s attacks on the so-called “Green New Scam.” The strategy mimics the group’s previous playbook that it has deployed to help defeat Reps. Andy Ogles (R-Tenn.) Chip Roy (R-Texas) and Ralph Norman (R-S.C.) in their Republican primaries earlier this year, as the latter two sought statewide office. The PAC had tried to paint Ogles as an absentee member of Congress and Roy as insufficiently MAGA.
The group, which is backed by solar executives, has become an increasingly forceful player this cycle, which has seen a massive influx of outside spending.
“This industry has been villainized and used as a punching bag at times by the right, and the industry hasn’t always punched back,” said Chris Coffey, the CEO of Tusk Strategies, which is helping run the group. “Maybe when they’re deciding who to villainize next year, they will at least be like, ‘You know what? I don’t need problems with those guys.’”
Boebert’s district is historically deeply red. But Invest in Tomorrow also commissioned a poll, which shows she is underwater: 39% of likely voters view her favorably and 55% view her unfavorably. It also found Boebert leading the district’s Democratic nominee Eileen Laubacher by 5 points.
The poll, conducted by Impact Research from Sept. 21 to 24, polled 403 likely voters and had a margin of error of ±4.8%.
Rep. Lori Trahan on Wednesday unveiled a discussion draft for a bill that would make artificial intelligence developers liable when their products cause harm.
The legislation comes after OpenAI’s agents escaped containment and autonomously hacked into AI platform Hugging Face and accessed U.S. government websites.
The Clear Liability for Artificial Intelligence Misconduct Act aims to make it easier for those harmed by so-called rogue AI to bring claims against developers. Trahan’s bill does not preempt new state laws on AI liability — historically a prerequisite for attracting Republican support in the House.
“When someone breaks the law and hurts you, you can take them to court. That shouldn’t change just because the wrongdoer is an AI agent,” Trahan (D-Mass.) said in a statement. “Developers have already built systems capable of acting on their own and causing real damage. The CLAIM Act makes sure they answer for what their systems do.”
Legal experts have warned that existing laws require proof of intent or negligence, standards that can be difficult to show in court when AI models go rogue.
Trahan’s bill would ensure AI developers are unable to argue that their AI systems are incapable of intent. Instead, courts “would presume an AI system acted with the state of mind a person taking the same actions would have had.”
Trahan spokesperson Francis Grubar said work on the CLAIM Act began almost immediately after theJuly introduction of the FRONTIER Act, legislation with Rep. Jay Obernolte (R-Calif.) that would grant the government power to restrict the deployment of AI models deemed to pose catastrophic risks. While that bill aims to prevent serious harms before they happen, Grubar said the CLAIM Act would address how to impose accountability for existing damages.
Unlike an AI liability proposal announced last week by Sens. Josh Hawley (R-Mo.) and Chris Murphy (D-Conn.), Trahan’s legislation would not amend the 1986 Computer Fraud and Abuse Act. Grubar said the CLAIM Act would instead impose clearer liability on a broader range of harms, as well as autonomous or AI-enabled cyberattacks.
The CFFA, an anti-hacking law that bars individuals from accessing a computer without consent, requires proof of intent to hack into a computer system, which can’t be as easily applied to AI agents.
The Hugging Face incident, along with a flurry of other disclosed hacking incidents by rogue AI agents from OpenAI and other AI developers, has sparked a debate over how companies should be held legally liable for their AI systems.
OpenAI CEO Sam Altman, in an interview with Blue Light News’s Decoded podcast, said there should be a new “liability framework” to hold developers accountable for AI-powered cyberattacks. His comments come after White House officials like Director of National Intelligence Jay Clayton, who was recently appointed as AI czar by President Donald Trump, previously said that existing product liability laws are sufficient for now in addressing AI’s risks.
Vice President JD Vance will take questions from Michigan voters in a CBS News town hall airing Oct. 17 as the Trump administration prepares a closing message to voters ahead of the midterms.
The town hall comes amid a blitz of campaign events for Vance and President Donald Trump as their party faces multiple headwinds that could cost them control of the House and Senate.
Michigan’s Senate contest between Democrat Abdul El-Sayed and Republican Mike Rogers has become one of the cycle’s closely watched battleground contests. Michigan also has several competitive House races and will elect a new governor for the first time in eight years.
Vance campaigned in Michigan with Rogers, gubernatorial nominee John James and Mike Bouchard Jr., the GOP nominee in the 10th Congressional District, at an Aug. 31 rally in Sterling Heights. Rep. Lisa McClain also appeared at the event.
The one-hour special, moderated by “CBS Evening News” anchor Tony Dokoupil, will be recorded earlier in the week. Vance and Dokoupil will discuss issues facing voters, including affordability, tariffs, immigration, health care, artificial intelligence, the war with Iran and the state of American democracy, according to CBS News.
The two were scheduled for a town hall interview in March, but the vice president postponed due to the war with Iran.
The vice president’s office did not immediately respond to a request for comment.
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