U.S. House Committee on Financial Services forwards reconciliation provisions projected to cut the deficit by USD 5.2 billion and cap the CFPB budget

The U.S. House Committee on Financial Services published remarks by Chairman French Hill outlining the Committee’s reconciliation provisions included in President Trump’s “One Big, Beautiful Bill,” which CBO estimates would reduce the deficit by USD 5.2 billion over 2025–2034, exceeding the Committee’s instruction to deliver at least USD 1 billion in deficit reduction. The package would rescind remaining unobligated balances in the Department of Housing and Urban Development’s Green and Resilient Retrofit Program and end the Public Company Accounting Oversight Board’s authority to collect regulatory fees, transferring any unused balances to the Treasury while maintaining audit oversight. It would also cap the Consumer Financial Protection Bureau’s funding at no more than USD 249 million for 2025 with annual inflation adjustments thereafter, require remaining CFPB Civil Penalty Fund balances to be transferred to the Treasury general fund once direct victims are compensated, and cap Office of Financial Research assessments at the Financial Stability Oversight Council’s average annual expenses over the past three years, with any surplus returned to the Treasury. Chairman Hill said the Committee favorably transmitted its committee print to the House Rules Committee as part of the reconciliation process ahead of consideration on the House floor.