Last week, the Senate Banking Committee unveiled its portion of the "One Big Beautiful Bill (OBBB)," as President Trump's top policy priorities progress through Congress.
The Senate Banking Committee proposed eliminating 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 this cap from 12% to 0%.
When the House of Representatives passed its version of OBBB (H.R. 1) in May, it reduced the Federal Reserve funding cap from 12% to 5%.
The Senate and House will need to agree on a funding limit for the CFPB before President Trump can sign OBBB into law. Congressional leaders aim to reconcile their differences and have a final bill ready for passage before July 4. However, that date could be delayed depending on other provisions under debate among Republicans.