'Scammers Love This Republican Move': Elizabeth Warren Rips Into GOP Over Cuts To CFPB

Forbes Breaking News

During debate on the Senate floor, Sen. Elizabeth Warren (D-MA) spoke about cuts to the Consumer Financial Protection Bureau in the GOP's Big Beautiful Bill, then Sen. Tim Scott (R-SC) rose in opposition.

Transcript

00:00Thank you, Mr. President. The Consumer Financial Protection Bureau is the financial watchdog

00:04to keep people from getting cheated on credit cards and mortgages and Venmo and payday loans

00:09and a zillion other transactions. When this financial cop can't do its job, there is

00:14no one else in the federal government to pick up the slack. The CFPB has returned over

00:20$21 billion to more than 205 million Americans who are cheated by big banks and giant corporations.

00:31That is why this agency is popular across the country. But from the beginning, Republicans

00:36in Congress have been trying to kill it, and now they want to slash the CFPB's modest funding

00:42cap almost in half. Not to save working people money, but to make it easier for corporations

00:49to trick and trap millions of people. Scammers love this Republican move. I urge my colleagues

00:58to vote yes to support the CFPB, the little agency that fights for all Americans. And

01:04I reserve the remainder of my time.

01:06Mr. President. I recognize the Senator from South Carolina.

01:10Thank you, Mr. President. I urge my colleagues to oppose this amendment. Section 30001 is purely

01:17budgetary and changes the CFPB's funding cap from 12 percent to 6.5 percent. It would provide

01:24the agency with ample funding to perform its statutory mandate. The funding available to

01:30the agency will grow each year as it is adjusted for inflation. There is nothing more budgetary

01:36than Congress deciding the funding level of an agency. I ask my colleagues to vote no on

01:42this amendment. Mr. President. Time's expired. Thank you, Mr. President. Oh, good. Yays and

01:49nays. Yays and nays. Mr. President, look, all this is about is about. Mr. President. No,

01:55the yays and nays. Oh, I'm sorry. I asked for the yays and nays. Mr. President. Yeah. I asked.

01:59Senator, point of order. Thank you very much, Mr. President. The pending amendment number 2414 would

02:04cause the underlying legislation to exceed the Banking Committee Section 302A, allocation of a new budget

02:11authority and outlays. Therefore, I raise a point of order against this measure pursuant to Section 302F

02:18of the Congressional Budget Act of 1974. Mr. President, pursuant to Section 904 of the Congressional Budget Act of

02:271974, I move to waive Section 302F of that act. For the purposes of the pending amendment, I ask for the

02:36yeses and nays. Is there a sufficient second? There appears to be. The clerk will call the roll.

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