Senate Parliamentarian Elizabeth MacDonough has ruled that several key pieces of the massive bill to implement President Trump’s agenda run afoul of the Byrd Rule and must be taken out of the package to allow it to pass with a simple majority vote on a special procedural fast track.
The parliamentarian ruled against several provisions under the jurisdictions of the Senate committees on Banking, Environment and Public Works, and Armed Services.
These included a provision that would have placed a funding cap on the Consumer Financial Protection Bureau (CFPB), which would have cut $6.4 billion from the agency by reducing its maximum funding to zero percent of the Federal Reserve’s operating expenses.
The creation of the CFPB was one of the central reforms of the Dodd-Frank Act that Democrats passed in the wake of the 2008 financial crisis.
She also ruled against language cutting $1.4 billion in costs by reducing the pay of Federal Reserve staff, cutting $293 million by reducing the Office of Financial Research funding and cutting $771 million by eliminating the Public Company Accounting Oversight Board.
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Author: Faith Novak
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