Chairman Tim Scott (R-S.C.) has unveiled the Senate Banking Committee’s contributions to the Senate Republicans’ One Big Beautiful Bill. The provisions aim to enhance the American economy by reducing waste and duplication in financial regulation while also funding a key national security tool.
“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,” stated Chairman Scott. He emphasized his collaboration with colleagues across both houses of Congress to scrutinize programs and spending within their jurisdiction, identifying efficiencies and cost savings.
The proposed legislation includes several measures designed to save taxpayer money. These include decreasing the Consumer Financial Protection Bureau’s funding cap without affecting its statutory functions, creating pay parity between Federal Reserve and Treasury Department employees, ending the Office of Financial Research due to its duplicative nature, transferring Public Company Accounting Oversight Board functions to the Securities and Exchange Commission for efficiency, and reducing small business lending data collection by postponing Dodd-Frank Section 1071 implementation.
Additionally, the committee’s language proposes returning unobligated funds to the Treasury by rescinding funds from green housing initiatives under the Inflation Reduction Act and sweeping unused money from an SEC reserve fund intended for technology modernization.
Furthermore, $1 billion is allocated for the Defense Production Act as part of efforts to bolster national security.
