Senate GOP Seeks Consumer Financial Protection Funding Cuts, Federal Reserve Pay Caps

The Senate Banking Committee is proposing to cut all mandatory funding for the Consumer Financial Protection Bureau (CFPB) and cap pay for many Federal Reserve employees in its section of the One Big Beautiful Bill—the Republicans’ sweeping tax relief and spending measure that is to serve as a springboard for President Donald Trump’s second-term agenda. The proposed changes, released on June 5 and tucked into Title III of the bill, are part of a broader GOP effort to reshape regulatory agencies and reduce long-term federal spending. Under the proposal, the CFPB would lose its guaranteed funding from the Federal Reserve, while the central bank would be required to cut pay for staff not directly involved in setting monetary policy—a move GOP lawmakers say will curb bureaucratic bloat....