CFPB avoids GOP defunding in Trump bill
A senior Senate official decided that the Republicans could not finance the financial protection office of consumers and other regulators of Megabill of President Donald Trump, according to the Democrats of the Senate Banking Committee.
The Senate parliamentarian, Elizabeth McDonough, considered that a GOP measurement in the legislation to put federal funding for the consumer finance dog, in tandem with other provisions to eliminate the accounting assistance council of public companies and the financial research office. Another would have reduced the salary of the staff of the Federal Reserve.
The parliamentarian said that these were beyond the limits of the strict maneuver of the Senate known as reconciliation, the accelerated budgetary process that the GOP uses to bypass the unanimous democratic opposition. The official serves as an influential arbitrator and behind the scenes of reconciliation. She also ruled against the Democrats in 2021.
“We will continue to examine all the provisions of this great betrayal of a bill and examine it to the greatest extent,” said Senator Jeff Merkley de l’Oregon, the Democrat in classification of the Senate banking panel, in a press release on Friday. Merkley added that Democrats are pushing to ensure that Republicans do not move away from the rigid rules of reconciliation forcing that its provisions directly affect the levels of federal spending.
The parliamentarian’s decision brought GOP to reduce the CFPB, an independent agency that oversees banks and other major lenders. As part of the Trump administration, the CFPB has undergone mass layoffs induced by the Government Ministry of Elon Musk and other modifications to its mandate.
The Senate Republicans said they are still pursuing CFPB funding cuts in other Trump megabill parts. “I remain determined to advance the legislation that reduces waste and duplication in our federal government and saves taxpayers’ dollars,” said Senate bank president Tim Scott En Caroline du Sud, in a press release.
The Republicans aim to comply with an ambitious and self-imposed time to send the megabill to the Trump office by July 4. GOP senators say they intend to vote on legislation next week.
