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02 May 2025

House Financial Services approves $1 billion in budget reconciliation savings targeting PCAOB, Consumer Bureau

Measure would fold auditing regulator into SEC, reduce CFPB's annual budget by 60%

On April 30, 2025, the House Financial Services Committee voted 30-22 along party lines to adopt its reconciliation instructions from the House Budget Committee, rejecting dozens of Democratic amendments and approving major changes to the federal accounting regulator and the Consumer Financial Protection Bureau (CFPB). The committee's action fulfilled its obligation to contribute $1 billion in budget savings over 10 years to House Republicans' multiple-trillion-dollar budget-reconciliation effort, which would extend the 2017 tax cuts along with many other provisions.

The committee's markup page is posted here.

Additional information is available in the attached Tax Alert. Also attached are PDFs of the substitute amendment adopted by the committee and a letter sent to the committee by PCAOB Chair Erica Y. Williams.

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Attachments

PCAOB Chair Williams response and technical assistance

BILLS-119-HConRes14-H001072

House FS, reconciliation markup

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Contact Information

For additional information concerning this Alert, please contact:

Washington Council Ernst & Young

Published by NTD’s Tax Technical Knowledge Services group; Jennifer Mannetta, legal editor

Document ID: 2025-0976

 

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