The House Committee on Financial Services’ section of the One Big Beautiful Bill Act saves taxpayers $5 billion and includes reforms to reduce the federal bureaucracy.
Here is what stakeholders are saying:
American Bankers Association (ABA), Rob Nichols, President and Chief Executive Officer: “We appreciate the hard work of Chairman Hill and the House Financial Services Committee to identify cost savings that will be included in the broader reconciliation package being advanced in the House of Representatives. In particular, we support the committee’s recommendation to impose more oversight and control over the budget of the Consumer Financial Protection Bureau. We have long argued that the CFPB should be funded through the traditional appropriations process and led by a bipartisan commission rather than a single director, consistent with other federal agencies. The committee’s recommendations are a step in the right direction. We thank Chairman Hill for his leadership.”
American Securities Association (ASA), Chris Iacovella, President and Chief Executive Officer: “ASA applauds Chairman Hill and the Financial Services Committee for reducing the wasteful federal spending that emboldens the administrative state. The era of unaccountable government bureaucrats wasting taxpayer dollars to enact politically motivated rulemaking and engage in lawfare must end. ASA welcomes the Committee’s effort to rein in the PCAOB, which has been a source of nonstop controversy for decades, especially with respect to its complete failure to audit Chinese companies.”
Americans for Prosperity: “Americans for Prosperity applauds the House Financial Services Committee for moving forward with a package that eliminates wasteful spending from the Inflation Reduction Act by ending the green retrofitting program for multi-family buildings and structurally changing the Consumer Protection Finance Bureau, which did anything but protect consumers.”
Americans for Tax Reform, Grover Norquist, President: “The CFPB keeps going rogue with regulations on businesses and consumers. The Financial Services reconciliation bill will finally start to rein them in like President Trump has been trying to do since he took office. Americans for Tax Reform applauds Chairman Hill and members of the committee for delivering above target on savings to further President Trump's tax cut agenda.”
Consumer Bankers Association (CBA), Lindsey Johnson, President and Chief Executive Officer: “On behalf of America's leading Main Street banks, we're grateful for House Financial Services Committee Chairman French Hill's leadership in advancing legislation to right size the CFPB's annual operating budget. The CFPB's annual budget requests from the Federal Reserve have grown substantially from $161 million in FY2011 to $810 million in FY2025 – far exceeding the rate of inflation – while its responsibilities have largely remained the same. Reducing the CFPB's funding cap will help ensure the Bureau remains focused on its mission of consumer protection.”
National Taxpayers Union (NTU), Thomas Aiello, Senior Director of Government Affairs: “We commend the House Financial Services Committee for passing a reconciliation proposal that accomplishes so many important taxpayer priorities. The plan delivers more than $5 billion in budget savings by finally addressing funding to the broken Consumer Financial Protection Bureau and Office of Financial Research, along with the elimination of wasteful spending programs. Taken together, these savings will unlock more tax relief for working families and businesses.”
Small Business & Entrepreneurship Council, Karen Kerrigan, President and Chief Executive Officer: “The Financial Services Committee has appropriately focused on needed reforms and actions that promote fiscal responsibility and the right-sizing of government. Pruning the Consumer Financial Protection Bureau’s draw from the Federal Reserve is a suitable step to help refocus the bureau’s work in areas where it has the authority to act, rather than the wide-ranging and excessive rulemakings it pursued during the past four years that undermined small businesses. In addition, consolidating Public Company Accounting Oversight Board (PCAOB) functions within the Securities and Exchange Commission is a common-sense streamlining move that promotes efficiency and will lead to needed reforms that reduce burdens on smaller companies.”
Taxpayers Protection Alliance, David Williams, President: “The House Financial Services Committee title of the reconciliation package delivers meaningful fiscal responsibility by reducing the federal deficit by $5.2 billion over the next decade - over $4 billion more than required by the budget resolution. This legislation includes responsible reforms, such as limiting spending authority at the Consumer Financial Protection Bureau, eliminating duplicative fee collections at the Public Company Accounting Oversight Board, and rescinding unused funds from outdated programs. These targeted measures streamline government operations and ensure taxpayer dollars are used more efficiently.”
Comprehensive list of organizations supporting provisions within the Committee on Financial Services’ section of the One Big Beautiful Bill Act:
American Bankers Association (ABA); American Securities Association (ASA); Americans for Prosperity; Americans for Tax Reform; Consumer Bankers Association (CBA); National Taxpayers Union (NTU); Small Business & Entrepreneurship Council; Taxpayers Protection Alliance
