On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on budget reconciliation legislation provisions affecting financial regulation — including the CFPB’s funding. Under the proposed budget reconciliation bill, H.R. 1, the most recent Senate Committee mark-up would eliminate the ability for the CFPB to request funding from a portion of the Fed’s revenue. The senators argued the proposed provisions may hurt financial stability, facilitate fraud, and violate Senate rules.
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