Sen. Ted Cruz (R-TX) has brought back a bill, "The Repeal CFPB Act
," that would shut down the Consumer Financial Protection Bureau (CFPB).
Cruz had presented similar legislation in 2015
. In this go-round, he is joined by six of his Republican colleagues—Tennessee’s Marsha Blackburn, Oklahoma’s Jim Inhofe, Utah’s Mike Lee, Kentucky’s Rand Paul, South Dakota’s Mike Rounds and Nebraska’s Ben Sasse.
“There has never been a greater farce and waste of government resources than the Consumer Financial Protection Bureau, and now is the time to eliminate it,” Cruz said in a statement. “Make no mistake, it does little to protect consumers and was created during the Obama administration to enforce burdensome regulations which have stunted economic growth and negatively impacted small businesses and consumers.”
There is no companion bill for Cruz’s legislation in the House of Representatives and it is unlikely that Democrat-controlled chamber would support this new effort.