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

The Senate Banking Committee plan would end the CFPB’s automatic funding and limit salaries for non-monetary Fed staff.

The Consumer Financial Protection Bureau building in Washington on Oct. 31, 2023. Madalina Vasiliu/The Epoch Times

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.