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Fox News
10 hours ago
- Business
- Fox News
Several provisions fail to pass muster with Senate rules in 'big, beautiful bill'
Several provisions in the Senate GOP's version of President Donald Trump's "big, beautiful bill" have run afoul of Senate rules and must be stripped if Republicans want to pass the package without the help of Democrats. The bill is undergoing what's called a "Byrd Bath," when the parliamentarian meticulously combs through each section of the mammoth bill to determine whether policies comport with the Senate's Byrd Rule. The point of the budget reconciliation process is to skirt the Senate filibuster and pass a massive, partisan legislative package. But if provisions are left in that fail the test, Senate Republicans will have to meet the typical 60-vote threshold. Provisions that don't pass muster can still be appealed, however. Senate Democrats vowed to use the Byrd Bath as a cudgel against the Senate GOP to inflict as much pain as possible and slow momentum as Republicans rush to put the colossal bill on Trump's desk by July 4. Senate Majority Leader John Thune, R-S.D., could also overrule the parliamentarian but has remained adamant he would not attempt such a move. Senate Parliamentarian Elizabeth MacDonough scrutinized three chunks of the megabill from the Senate Banking, Environment and Public Works and Armed Services committees and found numerous policies that failed to meet the Byrd Rule's requirements. Among those was a provision that would have eliminated funding for a target of the GOP's since its inception in 2008, the Consumer Financial Protection Bureau, which would have effectively eliminated the agency. Doing so also would have slashed $6.4 billion in spending. Senate Banking Committee Chair Tim Scott, R-S.C., said in a statement he would "remain committed to cutting wasteful spending at the CFPB and will continue working with the Senate parliamentarian on the Committee's provisions." Attempts to put guardrails on the $150 billion in Defense Department funding baked into the package also failed to pass muster. The language would have required that Pentagon officials outline how the money would be spent by a certain deadline or see the funding reduced. Other provisions on the chopping block include language that cut $300 million from the Financial Research Fund and cut jobs and move the Public Company Accounting Oversight Board under the umbrella of the Securities and Exchange Commission, which would have saved roughly $773 million. An attempt to change the pay schedule for Federal Reserve employees was also nixed, which would have saved about $1.4 billion. Environmental standards and regulations set by the Biden-era Inflation Reduction Act were also determined to have run afoul of the Byrd Rule, including a repeal of tailpipe emissions standards for vehicles with a model year of 2027 and later.
Washington Post
12 hours ago
- Business
- Washington Post
Senate parliamentarian deals blow to GOP plan to gut consumer bureau in tax bill
WASHINGTON — Republicans suffered a sizable setback Friday on one key aspect of President Donald Trump's big bill after their plans to gut the Consumer Financial Protection Bureau and other provisions from the Senate Banking Committee ran into procedural violations with the Senate parliamentarian. Republicans in the Senate proposed zeroing-out funding for the CFPB , the landmark agency set up in the aftermath of the 2008 financial crisis, to save $6.4 billion. The bureau had been designed as a way to better protect Americans from financial fraud, but has been opposed by many GOP lawmakers since its inception. The Trump administration has targeted the CFPB as an example of government over-regulation and overreach.
The Hill
16 hours ago
- Politics
- The Hill
Hawley challenges Democrats over bipartisan RECA language in ‘big, beautiful bill'
Sen. Josh Hawley (R-Mo.), who scored a big win by getting Senate GOP leaders to add language extending the Radiation Exposure Compensation Act (RECA) to President Trump's budget package, is challenging Democrats not to contest the provision with the Senate parliamentarian. Hawley noted the bipartisan support behind RECA in urging Democrats to not challenge its presence in the Senate version of Trump's 'big, beautiful bill.' 'Democrats will soon have to decide whether to try to strop RECA out of the reconciliation bill (using the 'Byrd rules'). It stays in unless Democrats challenge. Don't do it! Survivors have waited too long. Let's get this done now!' Hawley posted on X. Hawley announced last week that GOP leaders agreed to include the largest expansion to date of the radiation exposure compensation program in President Trump's signature first-year legislation. It would expand the program to make residents affected from radioactive exposure in Missouri, Tennessee, Kentucky and Alaska eligible for compensation and would fully cover people affected in 'downwind' areas such as Nevada, Utah and Arizona. 'The federal government dumped nuclear waste in the backyards of Missourians for decades—and then lied about it. These survivors sacrificed their health for our national security at the advent of the Manhattan Project, and their children and grandchildren have borne the burden of radioactive-linked illness for generations since,' Hawley said in a statement last week. Hawley is challenging Democrats who have supported the expansion of RECA to urge their leadership not to attempt to strip the language from the budget reconciliation package by litigating the issue with the Senate parliamentarian. Democrats are challenging an array of provisions in the massive package as violations of the Senate's Byrd Rule, which governs what legislation may be protected from filibusters under the budget reconciliation process. Democrats have already successfully knocked out several provisions, such as a funding cap that would have eliminated the Consumer Financial Protection Bureau, a key accomplishment of the 2010 Dodd-Frank Wall Street Reform Act. The expansion of RECA has had strong bipartisan support in the Senate. Hawley joined Sen. Eric Schmitt (R-Mo.) and Democratic Sens. Martin Heinrich (D-N.M.), Ben Ray Luján (D-N.M.) and Mark Kelly (D-Ariz.) in January to reintroduce the Radiation Exposure Compensation Reauthorization Act to compensate Americans exposed to radiation by government nuclear programs. Heinrich said at the time that 'it's long overdue for Congress to pass an extension and expansion of the Radiation Exposure Compensation Act that includes Tularosa Basin Downwinders whose communities and families were harmed by the fallout of the 1945 Trinity Test.' The Trinity Test, which took place in July of 1945 at the Alamogordo Bombing Range in New Mexico, was the first detonation of a nuclear weapon as part of the Manhattan project. Luján, when he joined Hawley in reintroducing the legislation in January, said that 'individuals affected by nuclear weapons testing, downwind radiation exposure and uranium mining are still waiting to receive the just they are owed.' A Democratic aide on Friday declined to say whether Democrats would challenge specifically the RECA language championed by Hawley. The source said that Senate Democratic staff are conducting a comprehensive review of policy provisions in the package.
Miami Herald
18 hours ago
- Business
- Miami Herald
What's the difference between earned wage access and a loan? How to know which is right for you
What's the difference between earned wage access and a loan? How to know which is right for you When you're hit with a surprise cost like a car repair or medical bill, waiting for payday can be challenging. But sometimes, you don't have to. Enter earned wage access (EWA), which goes by numerous nicknames - on-demand pay, daily pay, instant pay, same-day pay, instant payroll, and accrued wage access among them - and allows you to snag the money you've earned early. Some companies offer EWA as a company perk, but there are also third-party services that bring it directly to consumers. With roughly a quarter of households living paycheck-to-paycheck according to a Bank of America report published last year, it's no surprise that some people are flocking to EWA services that can help them cover the cost of groceries, utilities and more. The Consumer Financial Protection Bureau (CFPB) found that the market for earned wage products is growing, with the share of workers using the products at least once a month jumping from 41% in 2021 to nearly 50% in 2022. But it's important to fully understand how these services work before you take the leap. Consumer banking platform Current explains. What is earned wage access? Earned wage access programs allow workers to pocket a portion or all of their paycheck outside their typical payroll cycle. The exact process will vary by program, but here's an example: Say you are usually paid out for your work weekly or bi-weekly. Instead of having to wait until the next day for your money to hit your bank account, you can request to have some of the money come through now (or within a few days, depending on the service) and see the remainder of the paycheck on payday. Employer-sponsored services require that your employer offer EWA as a benefit, and will use your payroll records to track your earnings and pay out the remainder of your payment on time. Companies that offer EWA - including Uber, Walmart, and McDonald's - often have hourly workers. Direct-to-consumer products determine your EWA limit by analyzing your earnings history. How is earned wage access different from a loan? While loans are a way to borrow money and pay it back with interest over a set period of time - from a few months to years - EWA is early access to money you have already earned without having to pay interest. When you use an EWA you're tapping money that is yours, but just doing so before payday. The funds you get early are then excluded from your paycheck. If you're looking for extra funds to help cover a big expense, like a car repair, "it's probably best to go the loan route," says Ben Loughery, a certified financial planner and founder of Lock Wealth Management. EWA will typically have maximums for how much you can access at once, like $500. When you borrow money via a personal loan, you'll owe the lender an annual percentage rate (APR) - and those can take a chunk out of your wallet. As of June 11, the average personal loan interest rate was 12.65%, according to Bankrate. The rates can be especially steep for payday loans: Typical two-week payday loans with a $15 fee for every $100 borrowed come out to an APR of almost 400%, the CFPB points out. Plus, if you don't pay back the loan as promised, your credit score can take a hit. That's not a concern with EWA. Should you choose earned wage access or a loan? In an ideal world, you have an emergency fund available for when surprise costs arise, and you're managing your cash flow in such a way that you don't need to turn to a loan or EWA, explains Catherine Valega, financial advisor and founder of Green Bee Advisory. But that's not always the case. "If you have access to earned wage access, it is much better than a payday loan," Valega says. She adds that because many people are more familiar with payday loans, they tend to seek those out first and "shoot themselves in the foot" because they then face high interest rates that take a huge chunk out of the money that should hit their accounts. "With earned interest rates, there's a fee, not an interest rate, and you've completed the work so you have earned that money … I would absolutely start there first." Loughery says to take caution, especially if you're not good with managing your cash flow. You shouldn't rely on EWA as a long-term fix. "But if you are in a bind, it could be a great solution," he adds. How to find an earned wage access product If your employer offers EWA, there's likely already a service for you to select. But if you're going the third-party route, assess the following features: Fees. Some services charge subscription fees, fees for accessing your money and/or a fee for accessing your money instantly. Some even ask for an optional tip. Ideally, you'll want to go with a service that provides low or no fees for accessing your money early - it's money you've already earned, after all. Fund timing: How long will you have to wait for your money? In most cases, you'll see the money hit your account within a few business days. But if you need the money instantly and there's a high fee for receiving the money at a moment's notice, you may want to look elsewhere. Deposit limit: The amount of your paycheck you can tap early will vary by service. One may allow you to gain access to half your paycheck early, while another could offer to send you just a portion of your daily earnings or set a daily dollar amount limit. Before you choose to go with a EWA service, make sure you will actually be able to get what you need if you're in a tight spot. This story was produced by Current and reviewed and distributed by Stacker. © Stacker Media, LLC.
Bloomberg
20 hours ago
- Business
- Bloomberg
Cuts to Fed Staff Pay, CFPB Funds Blocked from Trump Tax Bill
The Senate rules-keeper has decided that Republicans can't use President Donald Trump's multi-trillion dollar tax bill to strip all funding from the Consumer Financial Protection Bureau and to cut salaries for many Federal Reserve employees. The parliamentarian ruled that the GOP-backed policy provisions are outside the scope of the fast-track budget process Republicans are using to push Trump's legislative agenda through without any Democratic backing, Senate Democrats said. Republicans didn't respond to a request for comment.
