AFSA's Federal Congressional Affairs team is closely observing developments in the U.S. Senate concerning the One Big Beautiful Bill. The Senate parliamentarian has removed a provision that aimed to reduce the Consumer Financial Protection Bureau’s maximum funding to 0% of the Federal Reserve’s operating expenses. It remains unclear if Senators will propose a new figure or alternative language for this part of the legislation.
Senator Bill Hagerty (R-TN), a member of the Banking Committee, has suggested an amendment to place the Bureau under appropriations. However, this proposal might also face challenges from the parliamentarian. AFSA continues its efforts to engage with Senate offices on this matter and will keep monitoring any progress.