H.R. 1 - The Big Beautiful Bill (Simplified) - Parts 5 and 6 - Financial Services and Homeland Security

It's long, it's complicated, and Marjorie Taylor Greene (and probably most people she works with) hasn't read it. Let's not be one of those people. Here is a simplified version of a very complex, and very dangerous bill, that's easy to read and something we can all understand. Please share with friends and family. Thank you.

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TITLE V -- COMMITTEE ON FINANCIAL SERVICES

50001 GREEN AND RESILIENT RETROFIT PROGRAM FOR MULTIFAMILY FAMILY HOUSING

The unused balance of $5,000,000,000 appropriated in Public Law 117-169, commonly known as the "Inflation Reduction Act, meant for improving energy and water efficiency, enhancing indoor air quality, implementing the use of zero-emission electricity generation, and addressing climate resilience in affordable housing, is rescinded.

50002 - PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD

All information previously collected by the Public Company Accounting Oversight Board (PCAOB), a non-profit created to oversee audits of U.S.-listed companies, will be transferred over to the Securities and Exchange Commission (SEC), a federal agency. All rights and roles of the PCAOB will be transferred to the SEC, and any remaining funds will be deposited into the U.S. Treasury.

50003 - BUREAU OF CONSUMER FINANCIAL PROTECTION

Section 1017 of the Consumer Financial Protection Act of 2010, commonly known as the "Dodd-Frank Act," is amended to state that there will be a reduction in the maximum amount of money that the Consumer Financial Protection Bureau (CFPB) can request every year from the Federal Reserve, and that the CFPB must return any unobligated (unused) money back to the Treasury.

Donald Trump, seen here in his 2023 mugshot, paid $750,000 into the Civil Penalty Fund for “violating procedures related to public notifications when buying voting stock in a company related to his attempted takeovers of Holiday Corporation and Bally Manufacturing Corporation.” - Wikipedia

50004 - CONSUMER FINANCIAL CIVIL PENALTY FUND

Normally the CFPB will take legal action against a company that breaks the law, requiring them to pay into the Civil Penalty Fund, which is pooled to compensate victims across multiple cases. Section 1017 of the Consumer Financial Protection Act of 2010 will amended this rule, limiting who can receive these funds. The funds can also no longer be used for consumer education and financial literacy.

50005 - FINANCIAL RESEARCH FUND

Section 155 of the Financial Stability Act of 2010 is amended to state that there will be a limit on the assessments on large banks made by the Office of Financial Research (OFR) and the Financial Stability Oversight Council (FSOC), and that excess funds will be transferred into the Treasury.

DHS.gov

TITLE VI -- COMMITTEE ON HOMELAND SECURITY

60001 - BORDER BARRIER SYSTEM CONSTRUCTION, INVASIVE SPECIES, AND BORDER SECURITY FACILITIES IMPROVEMENTS

In addition to already-appropriated funds, an additional $46,500,000,000 will be added for barrier systems, lights, sensors, and other detection technology, $50,000,000 for removing invasive species that impede border security operations, and $5,000,000,000 to lease and buy land, and build facilities and checkpoints.

60002 - U.S. CUSTOMS AND BORDER PROTECTION PERSONNEL AND FLEET VEHICLES

In addition to already-appropriated funds, an additional $4,100,000,000 will be added to hire and train Border Patrol personnel, $2,052,630,000 for signing and retention bonuses, $813,000,000 for marked patrol vehicles, $285,000,000 for training Federal law enforcement personnel, $465,000,000 to buy land and build training centers, and $600,000,000 for marketing to, recruiting, and vetting border security applicants.

60003 - U.S. CUSTOMS AND BORDER PROTECTION TECHNOLOGY, NATIONAL VETTING CENTER, AND OTHER EFFORTS TO ENHANCE BORDER SECURITY

In addition to already-appropriated funds, an additional $1,076,317,000 will be added to buy equipment, artificial intelligence (AI), and other mission support to combat illicit narcotics, $2,766,000,000 for upgrades and border surveillance, $673,000,000 for technology related to biometric entry and exit system(s) (facial recognition, fingerprinting), $1,234,000,000 for upgrades to rapid air and marine response,$16,000,000 for screening and background checks, $500,000,000 for enhancing border security, and $1,000,000 for commemorating efforts and events at the border (rewarding agents for a "job well done").

60004 - STATE AND LOCAL LAW ENFORCEMENT PRESIDENTIAL RESIDENCE PROTECTION

In addition to already-appropriated funds, an additional $300,000,000 will be added for law enforcement personnel costs and protection activities related to the residence of the President.

60005 - STATE HOMELAND SECURITY GRANT PROGRAM

In addition to already appropriated funds, an additional $500,000,000 will be added to detect and monitor unmanned aircraft (drones), $625,000,000 for security and other costs related to the 2026 FIFA World Cup, $1,000,000,000 for security and other costs related to the 2028 Olympics, and $450,000,000 for the Operation Stonegarden Grant Program, which helps state, local, and tribal communities improve border security.

Total spending for this portion of H.R. 1 is $69,006,947,000

If you would like to read the bill yourself, click the link below.

The Big, Beautiful Bill

Ellie is an author, editor, and owner of Red Pencil Transcripts, and works with filmmakers, podcasts, and journalists all over the world. She lives with her family just outside of New York City.