💨 Abstract

Senate Republicans aim to cut the Consumer Financial Protection Bureau (CFPB) funding by roughly half, part of President Trump's "Big Beautiful Bill." This move could result in significant job cuts and weaken the agency, which monitors financial services and has returned billions to consumers. The CFPB's funding comes from the Federal Reserve, but under the proposed bill, its cap would be reduced significantly. House Republicans recently criticized former CFPB director Rohit Chopra for targeting small businesses.

Courtesy: WTOP Staff