Rep. French Hill, the chair of the House Financial Services Committee, highlighted the committee’s actions to reduce the deficit by at least $1 billion over the 2025-2034 period. He detailed actions such as rescinding unobligated funds from the HUD's Green and Resilient Retrofit Program and capping the CFPB's budget for 2025. Additionally, he noted amendments to the CFPB's Civil Penalty Fund, which will be redirected to the Treasury after compensating victims. These changes reflect the committee's commitment to fiscal responsibility as Congress approaches budget deadlines.
Hill emphasized the importance of his committee's work in reaching the budgetary goal of reducing the deficit by at least $1 billion over the next decade.
In his insights, Hill mentioned specific actions the committee took, including capping the CFPB's budget and rescinding unobligated balances from specific programs.
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