Senate Republicans move to slash CFPB funding by half, risking hundreds of job cuts
NEW YORK — Senate Republicans have moved to cut the funding of the Consumer Financial Protection Bureau by roughly half, as part of President Trump's 'Big Beautiful Bill,' which is likely to lead to hundreds of job cuts at the nation's financial watchdog agency.
It would be a major blow to the CFPB, which was created after the 2008 financial crisis to police potential bad actors in the financial services industry, and it would be a win for the GOP, who have largely wanted to make the CFPB go away since its creation.
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