Press Releases

House Committee on Financial Services Chairman French Hill (AR-02) delivered remarks on the Committee’s provisions included as part of President Trump’s One Big, Beautiful Bill. The Committee’s portion of reconciliation would reduce the deficit by $5.2 billion.

Remarks as Prepared for Delivery

“Good morning, a few weeks ago, the House Financial Services Committee completed the work assigned to us under the budget resolution that Congress adopted in early April.  

“The resolution asked us to decrease the deficit by at least $1 billion over the 2025-2034 period.

“We rescinded remaining unobligated balances with the Department of Housing and Urban Development’s (HUD) Green and Resilient Retrofit Program, created under the Inflation Reduction Act of 2022.

“We ended the PCAOB’s authority to collect regulatory fees and transferred any unused balances to the Treasury. Audit oversight will continue without disruption.

“We put a firm cap on the Consumer Financial Protection Bureau’s budget, setting its funding at no more than $249 million for 2025, with an annual adjustment for inflation going forward.

“For the CFPB’s Civil Penalty Fund, once direct victims are compensated, remaining funds will be transferred to the Treasury general fund.

“Finally, we capped the assessments collected by the Office of Financial Research, aligning them with the average annual expenses of the Financial Stability Oversight Council over the past three years. Any surplus will, once again, be returned to the Treasury.

“I’m pleased to report that the Financial Services Committee exceeded our instruction, and CBO estimates the deficit would decrease by $5.2 billion.

“During our markup, we spent over 9 hours debating our portion of this reconciliation bill.

“We considered all 40 amendments that our Democrat colleagues offered and did not limit the Minority’s ability to propose modifications to the underlying legislative text.

“After this exhaustive process, we favorably transmitted our Committee print to fulfill our obligations to the reconciliation bill before Rules today.

“I want all my colleagues to remember why we are here.

“The American people voted for fiscal responsibility. They voted for change.

“Our country is currently $37 trillion in debt and paying billions of dollars in interest each day on that debt.

“This year, we will spend almost a trillion dollars on total interest.

“If Congress fails to get our fiscal house in order, our debt will continue to grow exponentially, and our grandchildren will pay the consequences for our actions.

“For too long, government spending has been on a one-way ratchet. 

“So, we are here today to finally do the difficult work of extricating our nation from this fiscal predicament. 

“The Financial Services Committee’s portion of the Concurrent Resolution does more than its part to reduce the deficit.

“I am eager to get to finish our work and finally tackle these issues.

“I ask for all of your support in advancing this bill to the House Floor.”