WASHINGTON–Republicans on the Senate Banking Committee are back with a new plan for cutting off funding for the Consumer Financial Protection Bureau.
As the CU Daily reported earlier, the reconciliation bill Republican members on both sides of Congress are attempting to pass had cut CFPB funding to near zero, but that plan was deemed in violation of the Byrd Rule by the Senate Parliamentarian.
Now, Senate Banking Committee Chairman Tim Scott (R-NC) has offered up a new plan that would cap the amount of funding the CFPB has access to at 6.5% of the Federal Reserve’s operating budget, which is half of its current limit of 12%.
A spokesperson for Scott said in a statement he “continues to work closely with his colleagues, as well as the Senate parliamentarian, on the Committee’s provisions and remains committed to advancing legislation that cuts waste and duplication in our federal government and saves taxpayer dollars.”
