Overview
- Senate parliamentarian Elizabeth MacDonough ruled June 20 that several budget reconciliation items in the “Big Beautiful Bill” violate the Byrd Rule and must be removed
- Disallowed measures include zeroing out CFPB funding, a $1.4 billion cut to Federal Reserve staff pay, abolition of the Public Company Accounting Oversight Board, and a $293 million reduction for the Office of Financial Research
- Republicans now must strip the contested provisions or secure 60 votes to overcome point-of-order challenges and advance the bill under reconciliation
- Senate Majority Leader John Thune has indicated he will accept the parliamentarian’s guidance rather than attempt to override her rulings
- Democrats praised the decision as a victory for consumer protections and the enforcement of long-standing financial regulations