On the recordMarch 14, 2018
Mr. President, I am asking my colleagues to waive this budget point of order. In order to offset the Congressional Budget Office's estimated increase in Federal deficits due to the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the bill contains a provision that reduces the amount of discretionary surplus the Federal Reserve may maintain from $7.5 billion to $6.825 billion. The Federal Reserve surplus funds have been used in the past to pay for bipartisan legislation emanating from committees that do not have jurisdiction over the Federal Reserve. Unlike those past instances, these funds will be used to offset costs of legislation emanating from the Banking Committee. In order to provide meaningful relief for consumers, community banks, credit unions, midsized banks and regional banks, I urge my colleagues to waive this point of order. The PRESIDING OFFICER. The Senator from Vermont.
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