Senate Republicans move to slash consumer bureau funding by half, risking hundreds of job cuts
June 27, 2025
Senate Republicans have proposed cutting the Consumer Financial Protection Bureau’s funding by nearly half. The move is part of President Donald Trump’s “Big Beautiful Bill” and could lead to significant job cuts at the agency. The CFPB, created after the 2008 financial crisis, receives its funds from the Federal Reserve. However, the proposal would reduce its funding cap by nearly half. Critics, including Sen. Elizabeth Warren, argue this would weaken the agency’s ability to regulate bad financial practices. Senate Democrats are expected to challenge the proposal.