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US CFPB funding cap nearly halved in tax cut bill passed by Senate

( July 1, 2025, 16:37 GMT | Official Statement) -- MLex Summary: The funding cap for the US Consumer Financial Protection Bureau was cut from 12 percent of the Federal Reserve's inflation-adjusted profits in 2009 to 6.5 percent in the sprawling tax cut bill passed by the Senate, Senate Banking Committee Chair Tim Scott said. The legislation, officially called The One Big Beautiful Bill Act, passed 51-50, with the deciding vote cast by Vice President J.D. Vance. The bill, which also slashes Medicaid and food assistance while increasing the budget deficit by $3 trillion, now goes to the House for final congressional approval before being submitted to President Donald Trump for his signature.Statement follows below:...

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