Press Releases

Ahead of House consideration of President Trump’s One Big, Beautiful Bill, the House Committee on Financial Services is sharing statements of support from stakeholders on the Committee’s Title of the reconciliation bill.

Here’s what they are saying:

American Bankers Association President and CEO, Rob Nichols said, “We appreciate the hard work of Chairman Hill and the House Financial Services Committee to identify cost savings that will be included in the broader reconciliation package being advanced in the House of Representatives. In particular, we support the committee’s recommendation to impose more oversight and control over the budget of the Consumer Financial Protection Bureau. We have long argued that the CFPB should be funded through the traditional appropriations process and led by a bipartisan commission rather than a single director, consistent with other federal agencies. The committee’s recommendations are a step in the right direction. We thank Chairman Hill for his leadership.”

Consumer Bankers Association President and CEO, Lindsey Johnson said, "On behalf of America's leading Main Street banks, we're grateful for House Financial Services Committee Chairman French Hill's leadership in advancing legislation to right size the CFPB's annual operating budget. The CFPB's annual budget requests from the Federal Reserve have grown substantially from $161 million in FY2011 to $810 million in FY2025 – far exceeding the rate of inflation – while its responsibilities have largely remained the same. Reducing the CFPB's funding cap will help ensure the Bureau remains focused on its mission of consumer protection."

America’s Credit Unions President and CEO, Jim Nussle, “America’s Credit Unions thanks Chairman French Hill for supporting the credit union industry and understanding that credit unions are a critical financial resource for over 142 million Americans across the United States. We also are pleased that the committee’s portion of the reconciliation package reforms the CFPB’s funding procedure to provide additional transparency and congressional oversight. America’s Credit Unions has long supported reforms to the bureau to ensure it stays focused on its statutory mission and this inclusion is a positive step forward.” 

American Securities Association President and CEO, Chris Iacovella said, “ASA applauds Chairman Hill and the Financial Services Committee for reducing the wasteful federal spending that emboldens the administrative state. The era of unaccountable government bureaucrats wasting taxpayer dollars to enact politically motivated rulemaking and engage in lawfare must end. ASA welcomes the Committee’s effort to rein in the PCAOB, which has been a source of nonstop controversy for decades, especially with respect to its complete failure to audit Chinese companies.”

Americans for Prosperity said, “Americans for Prosperity applauds the House Financial Services Committee for moving forward with a package that eliminates wasteful spending from the Inflation Reduction Act by ending the green retrofitting program for multi-family buildings and structurally changing the Consumer Protection Finance Bureau, which did anything but protect consumers." 

Americans for Tax Reform President, Grover Norquist said, “The CFPB keeps going rogue with regulations on businesses and consumers. The Financial Services reconciliation bill will finally start to rein them in like President Trump has been trying to do since he took office. Americans for Tax Reform applauds Chairman Hill and members of the committee for delivering above target on savings to further President Trump's tax cut agenda."

National Taxpayers Union Senior Director of Government Affairs, Thomas Aiello said, “We commend the House Financial Services Committee for passing a reconciliation proposal that accomplishes so many important taxpayer priorities. The plan delivers more than $5 billion in budget savings by finally addressing funding to the broken Consumer Financial Protection Bureau and Office of Financial Research, along with the elimination of wasteful spending programs. Taken together, these savings will unlock more tax relief for working families and businesses.”

Taxpayers Protection Alliance President, David Williams said, "The House Financial Services Committee title of the reconciliation package delivers meaningful fiscal responsibility by reducing the federal deficit by $5.2 billion over the next decade - over $4 billion more than required by the budget resolution. This legislation includes responsible reforms, such as limiting spending authority at the Consumer Financial Protection Bureau, eliminating duplicative fee collections at the Public Company Accounting Oversight Board, and rescinding unused funds from outdated programs. These targeted measures streamline government operations and ensure taxpayer dollars are used more efficiently.