Fireworks exploding near the White House and Capitol Hill during Fourth of July were more than just recognizing Independence Day.

President Trump and Republicans cheered passage and the signing of the One Big Beautiful Bill into law, which included a provision that slashed the Consumer Financial Protection Bureau’s available operating budget.

The CFPB’s budget dropped from 12% to 6.5% of the Federal Reserve System’s 2009 total operating expenses, adjusted for inflation.

Sen. Tim Scott, a South Carolina Republican and chairman Senate Banking Committee, insisted this provision requires the bureau to be fiscally responsible but does not affect the statutory functions of the bureau even though it’s the first decreasing the CFPB’s mandatory funding cap for the first time in 15 years

“With President Trump’s signature on the One Big Beautiful Bill, we’ve delivered a victory for the American people,” Scott said in a statement. “From reining in the unaccountable Consumer Financial Protection Bureau, to defunding wasteful Green New Deal spending, to eliminating a Securities and Exchange Commission slush fund, I’m proud of the Banking Committee’s important provisions that help deliver on President Trump’s mandate to cut waste and duplication in our federal government and save hardworking taxpayer dollars.

“We’re also providing the Trump administration with important funding to bolster domestic production and protect our national security. Now, this legislation will be critical to ushering in a Golden Age of America,” Scott continued.

Going into votes by the House and Senate, Democrats feared what the One Big Beautiful Bill would do to the CFPB, which has been in major flux since Trump began his second term.

U.S. Sen. Elizabeth Warren is a Massachusetts Democrat and ranking member of the Senate Banking Committee.

“The Consumer Financial Protection Bureau is the financial watchdog to keep people from getting cheated on credit cards, mortgages, Venmo, payday loans, and a zillion other transactions. When this financial cop can’t do its job, there is no one else in the federal government to pick up the slack,” Warren said in a statement before the end of July.

“The CFPB has returned over $21 billion to more than 205 million Americans who were cheated by big banks and giant corporations,” she continued. “That is why this agency is popular across the country. But, from the beginning, Republicans in Congress have been trying to kill it, and now they want to slash the CFPB’s modest funding cap almost in half.

“Not to save working people money. But to make it easier for corporations to trick and trap millions of people.  Scammers love this Republican move,” Warren went on to say.

Despite the pushback from Democrats, the White House is excited for what’s ahead courtesy of One Big Beautiful Bill Act.

Before the signing on Friday, White House press secretary Karoline Leavitt said, “President Trump’s One Big, Beautiful Bill delivers on the commonsense agenda that nearly 80 million Americans voted for — the largest middle-class tax cut in history, permanent border security, massive military funding, and restoring fiscal sanity. The pro-growth policies within this historic legislation are going to fuel an economic boom like we’ve never seen before. President Trump looks forward to signing the One Big, Beautiful Bill into law to officially usher in the Golden Age of America.”