Senate Republicans are seeking to cut off a key funding source for the Consumer Financial Protection Bureau (CFPB) as part of a mammoth package to advance President Trump’s tax agenda and spending cuts.

Republicans on the Senate Banking Committee said the legislative text unveiled Friday would block CFPB’s ability “to fund itself” by significantly limiting its funding structure.

Currently, as part of its funding structure, the CFPB receives transfers from the central bank not exceeding a cap set at 12 percent of the Federal Reserve System’s total operating expenses in 2009.

However, the proposal offered by Senate Republicans on Friday would reduce that cap to zero. The measure goes further than the House version of Trump’s “big beautiful bill,” which seeks to reduce the cap to five percent.

The GOP-led Senate committee said Friday that the move would not “affect the Bureau’s existing ability to request........

© The Hill