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A service for banking industry professionals · Saturday, July 26, 2025 · 834,167,426 Articles · 3+ Million Readers

The Republican Recap: Week of July 14, 2025

Here’s a recap of what Republicans achieved on the House Floor this week:

Cutting Waste and Fraud from Bloated Federal Spending 

President Trump and House Republicans ran on the promise to combat bloated government spending by eliminating waste, fraud, and abuse. As part of this mission, the Department of Government Efficiency (DOGE) investigated where taxpayer dollars were being squandered – and what they found was shocking.

In June, the Trump Administration transmitted a request to Congress to rescind previously appropriated funds per a rescissions package under the Impoundment Control Act (ICA). This package slashes foreign aid spending, like $6 million for “Net Zero Cities” in Mexico and $3 million for Iraqi Sesame Street, and federal funding for the Corporation for Public Broadcasting (CPB), including NPR and PBS, which continues to undermine the trust of Americans with radical shows and politically biased news coverage. 
 
Washington has run on out-of-control spending at the expense and detriment of the American taxpayer. The Trump Administration’s rescission request takes the federal government in a new direction where we actually root out waste, fraud, and abuse and hold agencies accountable to the People. The House promptly acted on this request and passed H.R. 4 on June 12th. House Republicans passed this legislation again this week to cut $9 billion in wasteful spending, sending the bill to the President’s desk. We continue to work hand in hand with President Trump to restore fiscal sanity to Washington and reverse years of reckless spending that drives inflation.

H.R. 4, the Rescissions Act of 2025, introduced by Majority Leader Steve Scalise, codifies President Trump’s rescissions request to cut wasteful spending on foreign aid initiatives within the State Department and USAID and on woke public broadcasting at the Corporation for Public Broadcasting, including NPR and PBS.

“Protecting taxpayer dollars and rooting out waste, fraud, and abuse is a top priority of our House Republican majority. Democrats spent the last four years under President Biden spending like drunken sailors, leading to skyrocketing inflation and lower wages for workers. Thankfully, Congress has passed my Rescissions bill to start cutting waste, fraud, and abuse so we can start restoring fiscal sanity to government spending. Under the leadership of President Trump, DOGE uncovered shocking amounts of waste, fraud, and abuse of taxpayer money. American families were shocked to learn that billions in foreign aid slush funds were being used to fund transvestite operas in other countries, as well as countless other abuses of taxpayer dollars. Taxpayers are also tired of using money borrowed from our children to subsidize far-left groups like the Corporation for Public Broadcasting (CPB), including NPR and PBS. Americans shouldn’t be paying for politically biased CPB productions or woke foreign aid initiatives. Our hard-earned taxpayer dollars should be spent carefully to make our nation a better place for all Americans. My legislation, which codifies President Trump’s rescissions request, cuts $9 billion in waste, fraud, and abuse from the federal government,” said Majority Leader Scalise. “I’m excited to see this legislation pass through the House once again and now head straight to President Trump’s desk, taking a major step toward reversing Washington’s wasteful spending and building on the success of the One Big Beautiful Bill.”

What Members Said:

 

“Let's talk about what's in the bill. [Democrats] are going to be voting against [cutting] the $6 million that was spent for Net Zero Cities in Mexico; $8 million for the anti-Israel U.N. Human Rights Council, a group that is anti Israel. Why should $8 million of American tax dollars that are being borrowed from other countries be going to that organization? How about we actually get spending under control. $300,000 to hold a Pride Parade in Lesotho – if Lesotho wants to hold a Pride Parade, let them do it with their tax dollars, not with American tax dollars. A million dollars for voter ID in Haiti. This is rich: they're angry that we're cutting that money off, but those same Democrats that are going to vote no on that will oppose voter ID in America. They're okay with voter ID in Haiti, but they're against it in America,” said Majority Leader Steve Scalise. “The list goes on and on, Mr. Speaker. Let's finally get control over waste, fraud, and abuse. We started in the One Big Beautiful Bill, we're continuing it here, and we're going to continue it through the appropriations process. [...] We're going to fight for those hard working families who want to get our great country back on track. Let's pass this bill, keep moving, and keep working towards a better, stronger America.”


Ensuring the Strong Defense of Americans and American Interests 

We must maintain our military superiority and keep Americans safe as threats to our national security rise. House Republicans passed legislation that makes significant investments in our defense to accomplish those goals. Our legislation includes a 3.8 percent pay increase for all military personnel, which goes into effect January 2026, in addition to continuing the historic pay raises enacted in FY25 for junior enlisted servicemembers. The bill also works to improve servicemember quality of life, readiness, and slow permanent change of station moves, which will save over $662 million.

To support America’s military superiority, the FY26 Defense Appropriations bill invests in modernization of the nuclear triad, hypersonics programs, and in 5th and 6th generation aircraft. The bill provides $13 billion for missile defense and space programs to bolster the Golden Dome efforts, as well as $148 billion for Research, Development, Test, and Evaluation. It also secures funding to combat drug trafficking and manufacturing, providing $1.15 billion for counter drug programs, increasing funding for the National Guard Counterdrug Program, and moving Mexico to U.S. Southern Command’s jurisdiction from U.S. Northern Command’s for better coordination. 

Our legislation also cuts waste, fraud, and abuse, reinstating fiscal sanity in defense spending. The bill codifies President Trump executive orders and the Department’s work with DOGE, improving areas where the Pentagon could be more efficient. It also prohibits funding for DEI efforts, Critical Race Theory, federal government censorship, sex-change surgeries, UNRWA, drag queen shows, and vaccine and mask mandates.

H.R. 4016, the Department of Defense Appropriations Act, 2026, introduced by Rep. Ken Calvert, strengthens America’s defense by investing in innovation in military superiority, supporting our servicemembers and their families, combatting drug trafficking, promoting fiscal responsibility, and ensuring the Department is focused on its primary duty to keep our people safe.

“Providing our men and women in uniform with the resources they need to keep America safe is one of the most important constitutional responsibilities of Congress. The passage of the FY26 Defense Appropriations Bill advances our national security goals by investing in the platforms and programs that enhance America’s military dominance. The bill makes innovation a priority by expanding programs I have championed that rapidly deploy cutting-edge, difference making systems into the hands of our warfighters. Our troops are the backbone of our national security and receive a well-deserved pay raise in this bill,” said Rep. Calvert. 

What Members Said:

 

“Right now, our small caliber ammunition stockpiles are not where they need to be. This is unacceptable. This bill makes critical investments to fix that, Mr. Speaker. It ensures we are getting the necessary rounds back into the magazines of our servicemembers, whether they are training at home or deployed in harm's way. Let's be clear: asking our troops to be ready to fight tonight without basic tools to complete their mission is a risk that we are not willing to take. This bill prevents that from happening,” said Rep. Mark Alford. “The threats we face today, from the Pacific to the Middle East, are not theoretical – they are real. Our adversaries are evolving, and they are not waiting for us to catch up. This bill helps us stay ahead. It ensures that the American people and the American military remains the arsenal of our democracy. And above all, it supports the men and women who wear our country's uniform and stand ready to defend this nation each and every day.”


Rep. David Joyce emphasized that H.R. 4016 takes care of our military personnel, modernizes defense capabilities, and restores fiscal responsibility.  


Protecting Americans’ Financial Privacy in Digital Transactions 

A CBDC, or central bank digital currency, is a sovereign digital currency issued and regulated by a government and recorded on a digital ledger controlled by that government – giving the government the ability to monitor any transactions and use the currency as a financial weapon to stifle political adversity. While decentralized digital currency like Bitcoin is outside the control of any one person, group, or entity, and fosters marketplace competition, a government-controlled CBDC, if not modeled to emulate cash, allows unelected bureaucrats to collect transaction data on and surveil citizens.

In 2022, the Biden Administration indicated its interest in creating a similar surveillance style CBDC, issuing an Executive Order prompting extensive CBDC research and development while disregarding Americans’ financial privacy. Thankfully, President Trump recognizes the dangers of CBDCs and has signed an Executive Order prohibiting the pursuit of one by federal agencies.

We cannot allow any future administration to wreak havoc on Americans’ financial privacy and individual freedom by creating a CBDC under the complete control of the administrative state, allowing them to track and collect Americans’ financial data, as well as potentially censor and oppress Americans based on that data. House Republicans passed legislation to codify President Trump’s EO by banning the development of a CBDC.

Majority Whip Tom Emmer’s legislation, H.R. 1919, the Anti-CBDC Surveillance State Act, blocks the Federal Reserve from directly or indirectly issuing a CBDC to any individual, prevents the Federal Reserve from using a CBDC to implement monetary policy, and requires Congress to authorize the issuance of any CBDC, protecting Americans’ financial privacy and freedom from government control.

“President Trump has been clear: Under Republican leadership, the United States will never develop a central bank digital currency. This is an issue we have been working on for years, and whether through the NDAA or as a stand-alone piece of legislation, we are going to deliver on our promise to prohibit the development of this insidious technology. We will ensure that our country’s digital currency policy remains in the hands of the American people, so that any future development of digital cash reflects our values of privacy, individual sovereignty, and free market competitiveness. We are proud to have led this years-long effort, and thank Speaker Johnson, Leader Scalise, Chairman Hill, and all our colleagues for their support,” said Majority Whip Emmer. 

What Members Said:

 

“In 2022, the Biden Administration issued an executive order that placed the highest urgency on the research and development of a central bank digital currency, a so-called digital dollar. Under the wrong circumstances, this technology could allow the federal government unfettered access into the wallets of every American, putting privacy and freedom at risk,” said Rep. Marlin Stutzman. “Imagine if the federal government could see where we spend our hard-earned paychecks, track our charitable donations, or even cut off access to our own money if it disapproves of our beliefs. Any digital dollar must reflect our values of privacy and our First Amendment rights. This bill ensures our digital assets policy is in the hands of the American people, not the administrative state. It protects our values of privacy, individual freedom and free market innovation by prohibiting a CBDC surveillance tool that could be wielded against the American way of life.”


Rep. John Rose underscored that H.R. 1919 makes it clear that no future administration can decide to target digital assets as a vehicle for spying on the financial transactions of the American people.  



Establishing a Clear Regulatory Framework for Digital Assets 

As cryptocurrency and digital assets grow in popularity and potential to shape future internet technology and monetary policy, America needs a clear regulatory framework for digital asset market participants, which will promote innovation and protect American consumers. Without regulatory clarity, responsible actors who would innovate and grow new goods and services in this rising digital market are hindered and unprotected, while bad actors who attempt to use the lack of certainty in the new technology flourish. 

Meanwhile, regulators like the Securities Exchange Commission (SEC) have taken a regulation-by-enforcement approach to digital asset regulation that leaves developers, brokers, dealers, and consumers in the dark, while expanding their own power and jurisdiction at will and acting without direction from Congress. 

It is vital Congress establish a clear regulatory framework for digital assets to strengthen consumer protections that aren’t in place today, promote innovation, increase transparency, strengthen the market by promoting digital asset project development, and establish clear lines between SEC and Commodity Futures Trading Commission (CFTC) jurisdictions. House Republicans passed legislation that allows digital assets and financial innovation to thrive under regulatory certainty and consumer protections in the digital marketplace – ensuring the U.S. remains a global leader in the finance sector.

H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act, introduced by Financial Services Chairman French Hill, establishes a clear and functional regulatory framework for digital assets, clarifies the lines between the CFTC’s jurisdiction over digital commodities and the SEC’s jurisdiction over digital assets, promotes innovation and strengthens the digital asset market, and implements strong consumer protections and accountability.

“This has been a historic week in the House,” said Chairman Hill. “Digital assets are here to stay, and with the passage of the CLARITY Act, we are one step closer to a comprehensive regulatory framework for the digital asset ecosystem. For years, there have been calls for clear rules of the road, and this week the House delivered. I thank my colleagues for their support of CLARITY, and I look forward to working closely with the Senate to ensure this bill reaches President Trump’s desk soon.”

What Members Said:

 

“I rise today in support of the bipartisan CLARITY Act, common sense legislation that finally gives digital asset markets the regulatory certainty they need to grow responsibly right here in the United States. For too long, innovators have been stuck in a regulatory gray zone, caught between agencies and overlapping authority and subject to enforcement instead of clear rules. The uncertainty has driven jobs, investment, and innovation offshore, while leaving American consumers exposed,” said Rep. Scott Fitzgerald. “The CLARITY Act fixes this. It establishes clear, functional rules for digital assets, drawing a bright line between the SEC and the CFTC, and creating strong, enforceable protections for consumers. It ensures that digital assets developers and consumer-facing firms play by the rules, disclosing who owns what, segregating customer funds, and avoiding conflicts of interest. It is long overdue.”


Rep. Zach Nunn noted that H.R. 3633 makes sure the U.S. – not foreign adversaries like China – writes the rules of the road for digital assets, including clear guardrails to produce stronger markets and safer consumers.
  


Unleashing Stablecoin Innovation and Protecting Consumers with Regulatory Clarity 

Stablecoins are a kind of cryptocurrency that minimize price volatility by maintaining a stable value, usually pegged to a fiat currency such as the U.S. dollar and backed by cash, U.S. Treasuries, and similar high-quality assets. They allow for faster, cheaper, and more efficient digital transactions around the world. However, while stablecoins are currently used as a growing payment type in the U.S., we have very little federal oversight of the area or regulatory clarity. Without a clear regulatory framework, consumers lack protections, innovation is stunted, and U.S. dollar dominance is threatened. 

This week, House Republicans passed legislation to change that. Our legislation would establish a clear regulatory framework for payment stablecoins, safeguarding digital assets from potential targeting by future administrations, boosting demand for U.S. treasuries, ensuring robust consumer protections, and upholding the U.S. dollar's role as the global reserve currency.

By creating regulatory clarity and supporting the development of U.S. stablecoins with safety rails, the bill helps speed up international payment transactions, increase access to working capital for U.S. companies operating internationally, and promote investment and innovation. Also, the bill mandates that payment stablecoins be backed by high-quality liquid assets, predominantly U.S. Treasury bonds and bills, generating new demand for U.S. government debt. It is essential that we establish a clear regulatory framework so the U.S. stablecoin industry can safely expand and innovate.

S. 1582, the GENIUS Act, sponsored by Sen. Bill Hagerty, puts in place a clear regulatory framework for U.S. payment stablecoins, fostering innovation and growth, prioritizing protections for consumers, creating a significant source of demand for U.S. Treasuries, and ensuring the U.S. dollar remains the dominant global currency.

“The golden age of digital assets is here, and the GENIUS Act, along with the CLARITY Act, will help the U.S. win the Web3 race,” said Chairman Bryan Steil. “This legislation protects consumers, cements the U.S. dollar as the world’s reserve currency, and promotes the next generation of Web3 businesses here in the United States. The President has called for digital assets legislation to reach his desk by August, and the House is delivering. By securing U.S. leadership in blockchain technology, we ensure that our economy will continue to dominate the financial services sector for years to come.”

What Members Said:

 

“It is paramount that we send this historic piece of legislation, the GENIUS Act, to the President's desk, because this bill is the first of its kind in creating a regulatory framework for the future for stablecoin issuance in the United States, to revolutionize finance and payments in this country and around the globe. Not only will this cement us, the United States, for decades to come as leaders and innovators in the digital asset space, but it will protect, importantly, protect the U.S. dollars’ dominance and increase demand in our Treasury market. In the GENIUS Act, stablecoins become pegged to the US dollar and backed by high quality, liquid assets,” said Rep. Andy Barr. “It will ensure that consumers are protected while reaping the benefits of blockchain technology. The GENIUS Act will allow for scalability to occur in the stablecoin marketplace, ensuring American consumers and businesses have access to this innovative product. Both banks and non banks can issue stablecoins under the GENIUS Act, bringing together the best actors in both the traditional finance space and the new era of digital finance.”

 

Rep. Young Kim highlighted that S. 1582 creates a framework to protect consumers, drive innovation, and ensure the U.S. dollar remains the foundation of the global financial system.
  
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