“One Big Beautiful Bill” Update
Last week, the Senate Banking Committee unveiled its portion of the “One Big Beautiful Bill (OBBB),” as President Trump’s top policy priorities move through Congress.
Senate Banking proposed to eliminate funding transferred from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB). Currently, the CFPB funds itself by requesting disbursements from the Federal Reserve and can request up to 12% of the Federal Reserve’s annual profits. The Senate Banking’s proposal seeks to reduce the current cap of 12% to 0%.
When the House of Representatives passed its version of OBBB (H.R. 1) in May, the Federal Reserve funding cap was reduced from 12% to 5%.
The Senate and House will have to arrive at an agreed-upon funding limit for the CFPB before the President can sign OBBB. Congressional leaders are aiming to reconcile their differences and have a final bill for passage before July 4. However, that date could slip depending on other provisions under debate among Republicans.
June 12th, 2025
