Texas Republican Ted Cruz has reintroduced a bill in the Senate to eliminate the Consumer Financial Protection Bureau, partnering with Florida Republican Byron Donalds, who introduced the same bill in the House.
The bureau’s stated purpose is to ensure that U.S. residents “are treated fairly by banks, lenders and other financial institutions,” according to its website.
In reality, Cruz said in a statement, the organization is “entirely ineffective and does very little to protect consumers.”
Donalds obviously agreed.
“In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers,” he said in a statement.
The ‘‘Repeal CFPB Act’’ would repeal the Consumer Financial Protection Act of 2010, restoring federal law to its previous state “as if the Act had not been enacted,” according to the language of the one-page bill.
Fox News noted that the CFPB was first proposed by Democratic Sen. Elizabeth Warren, who proposed it in 2007 while a law professor at Harvard. Former President Barack Obama then put her in charge of overseeing the creation of the bureau in 2010.
The U.S. 5th Circuit Court of Appeals ruled the “agency’s funding structure” an unconstitutional violation of the separation of powers clause, a decision the Supreme Court is slated to review later this year, Fox said.
The statement from Cruz’s Senate website appears here:
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced a bill, along with Sens. Mike Lee (R-Utah), Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), and Rand Paul (R-Ky.) to eliminate the Bureau of Consumer Financial Protection.
The bill was introduced in the House by Rep. Byron Donalds (R-Fla.) and is cosponsored by Reps. Andy Ogles (R-Tenn.), Ralph Norman (R-S.C.), and Rich McCormick (R-Ga.).
About the bill, Sen. Cruz said:
“The CFPB is an utter and complete waste of government spending and should be eliminated. It is entirely ineffective and does very little to protect consumers. The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations. The last thing our economy needs under Bidenflation is further hinderance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”
Rep. Donalds said:
“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight. In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. It’s high time to eliminate the CFPB once and for all and ease the overarching financial restraints established by Dodd-Frank that permitted unfettered power to unelected activists and the obstruction of fiscal ingenuity and growth.”
The full text of the bill can be read here.
Sen. Cruz’s number one priority is jobs, jobs, jobs. And that’s because it’s the top priority of freedom-loving Texans.
• He helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas.
• He has also fought to make permanent its historic tax cuts for individuals.
• He continues to lead the fight against burdensome federal government regulations and EPA overreach.
• In 2020, when 1.4 million Texans lost their jobs because of the COVID pandemic, Sen. Cruz fought for true economic recovery, introducing comprehensive legislation to restart the economy, get Americans back to work, and put our kids back in school.
This article appeared originally on The Western Journal.
