Ted Cruz Seeks to Abolish the 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.