U.S. Sen. Tim Scott (R-SC) on June 26 released updated provisions from the Senate Banking Committee to the Senate Republicans’ “One Big Beautiful Bill” that would generate savings of more than $1.5 billion over 10 years.
The Senate is set to vote on key pieces of the tax cut and spending bill on Monday, where senators can offer amendments to the overall proposal.
Scott said last week that the updated provisions would move forward on efforts to decrease waste in the federal government while providing $1 billion in funding for the Defense Production Act, a priority of President Donald Trump.
“After working closely with my colleagues on the committee and across the Republican conference, as well as the Senate Parliamentarian, we’re in a position to advance legislation that helps deliver on President Trump’s mandate to cut waste and duplication in our federal government and save hardworking taxpayer dollars,” Scott said.
“The committee’s language decreases the Consumer Financial Protection Bureau’s (CFPB) funding cap without affecting the statutory functions of the Bureau. In addition, the updated legislation rescinds unused funds earmarked for green housing initiatives and saves taxpayer dollars by eliminating an unnecessary reserve fund at the SEC. These provisions will reduce waste and duplication in financial regulation, put our federal government on a more sustainable fiscal path, allow Americans to keep more of their hard-earned money, and bolster our national security,” the senator said.
The Banking Committee said its updated provisions would decrease the CFPB’s funding cap for a savings of $2 billion, and rescind unobligated funds from the Inflation Reduction Act for green housing initiatives to the Treasury for a savings of $138 million.
Another provision would take unused money from the Securities and Exchange Commission for technology modernization and eliminate the fund permanently for a savings of $448 million.
The net budgetary impacts from those cuts would result in a 10-year budgetary savings of $1.595 billion, according to a summary of the provisions.