Skip to main content

Ted Cruz Seeks to Abolish the CFPB

Feb 15, 2017
Sen. Ted Cruz (R-TX) has introduced legislation to shut down the Consumer Financial Protection Bureau (CFPB)

Sen. Ted Cruz (R-TX) has introduced legislation to shut down the Consumer Financial Protection Bureau (CFPB). Cruz’s bill, S.370, is mirrored in the House of Representatives with similar legislation from Rep. John Ratcliffe (R-TX). The legislation simply calls for the repeal of Title X of the Dodd-Frank Act, which brought the CFPB into creation
 
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” said Cruz in a statement. “During the Obama administration, the CFPB grew in power and magnitude without any accountability to Congress and the people, and I am encouraged by the actions President Trump has begun to take to roll back the harmful impacts of an out-of-control bureaucracy.”
 
Cruz added that “massive swaths of federal regulations are never the right solution to help hard-working Americans” while stating the shutdown of the CFP would “finally offer some relief to the small business owners throughout Texas and across the country who’ve been hit hardest by its devastating impact.”
Ratcliffe noted that the bill could become law in the very near future. “I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House,” he said.
About the author
Published
Feb 15, 2017
Fed Holds Rates Steady As Economic Growth Stays Solid

Move comes amid mounting pressure, frustration from President Trump

Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Xpert Home Lending, Executives Sanctioned in Washington Consent Order

Company led by former UWM account executive, Alysia Budd, faces sweeping sanctions

DOJ IG To Take Reins As Inspector General For The Fed And CFPB

Michael Horowitz to lead the Federal Reserve Board’s Office of Inspector General starting at end of this month

Rift That Could Shift The Housing Market

Trump-Musk breakup this week could have implications for federal economic policies as well as the housing and mortgage markets