{"id":10002,"date":"2025-06-06T17:17:34","date_gmt":"2025-06-06T17:17:34","guid":{"rendered":"https:\/\/bluelightnews.com\/category\/politics\/senate-banking-forges-ahead-with-potentially-problematic-budget-package\/"},"modified":"2025-06-06T17:17:34","modified_gmt":"2025-06-06T17:17:34","slug":"senate-banking-forges-ahead-with-potentially-problematic-budget-package","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/senate-banking-forges-ahead-with-potentially-problematic-budget-package\/","title":{"rendered":"Senate Banking forges ahead with potentially problematic budget package"},"content":{"rendered":"
\n

Senate Banking Chair Tim Scott <\/a>(R-S.C.) on Friday released his panel\u2019s contribution to the GOP\u2019s megabill, despite concerns from his own members<\/a> that several provisions won\u2019t be allowed under Senate rules.<\/p>\n

The committee\u2019s text<\/a> for its \u201cone big beautiful bill\u201d contributions includes zeroing out Consumer Financial Protection Bureau funding from the Federal Reserve, Fed pay scale changes and a rescission of funds from the Inflation Reduction Act<\/a>\u2019s green housing initiatives. The bill would also sweep unused money from an SEC fund that allows the agency to spend money on technology modernization and eliminate the fund permanently. It would also dissolve the U.S.\u2019s top audit regulator, the Public Company Accounting Oversight Board, and fold it into the SEC.<\/p>\n

The panel is required to find $1 billion in cuts over the next 10 years under a budget resolution adopted by both chambers of Congress. House Financial Services\u2019 version released last month was determined by the Congressional Budget Office to decrease deficits by $5.2 billion<\/a>.<\/p>\n

The Senate\u2019s version goes further than the House with steeper cuts to CFPB funding.<\/p>\n

The text remains almost identical to proposals the committee laid out in a memo<\/a> earlier this week. But after GOP committee members met Thursday to discuss the legislation, a number of lawmakers raised questions about whether it can comply with the strict rules governing the filibuster-skirting budget reconciliation process, which allows only measures that are aimed at changing spending or revenues.<\/p>\n

\u201cI\u2019d love to have [CFPB funding] be zeroed out, but I think we all know that that would be a policy issue as much as a budget issue,\u201d Sen. Mike Rounds<\/a> (R-S.D.), a senior member of the Banking Committee, said Thursday. \u201cWhile we\u2019d like to see that happen, we understand the parliamentarian may have a disagreement on that.\u201d<\/p>\n

Jasper Goodman contributed to this report.<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Senate Banking Chair Tim Scott (R-S.C.) on Friday released his panel\u2019s contribution to the GOP\u2019s megabill, despite concerns from his own members that several provisions won\u2019t be allowed under Senate rules. The committee\u2019s text for its \u201cone big beautiful bill\u201d contributions includes zeroing out Consumer Financial Protection Bureau funding from the Federal Reserve, Fed pay […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-10002","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/10002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=10002"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/10002\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=10002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=10002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=10002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}