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US Senate referee rules against cuts to CFPB, financial regulators in tax and spending bill

Reuters · last updated

Republican provisions to slash funding for the Consumer Financial Protection Bureau and other financial watchdogs violate budgetary rules, the U.S. Senate’s nonpartisan referee said on Friday, jeopardizing their inclusion in a sweeping tax-cut and spending bill pushed by President Donald Trump.

Senate parliamentarian Elizabeth MacDonough, whose role is to ensure lawmakers follow proper legislative procedure, said a provision to effectively eliminate the budget for the CFPB could not be approved via a simple majority vote in the Republican-controlled chamber.

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