Sen. Ted Cruz, R-Texas, and Rep. Byron Donalds, R-Fla., are unleashing an effort to eliminate the Consumer Financial Protection Bureau (CFPB).
The lawmakers are introducing a bill Thursday to repeal the Consumer Financial Protection Act that created the agency and restore federal laws “as if the act had not been enacted,” according to a copy of the bill obtained by Fox News Digital. Since it was established in 2010, Republican lawmakers and financial groups have criticized the CFPB as an unnecessary agency.
“The CFPB is an utter and complete waste of government spending and should be eliminated,” Cruz, who is the ranking member of the Senate Commerce Committee, told Fox News Digital in a statement. “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,” he continued. “The last thing our economy needs under Bidenflation is further hindrance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”
The CFPB was founded after the Great Recession of 2008 and designed to serve as a financial sector watchdog. According to its website, the CFPB was created, in part, to “increase accountability in government by consolidating consumer financial protection authorities that had existed across seven different federal agencies into one.”
“Consumer financial protection had not been the primary focus of any federal agency, and no agency had effective tools to set the rules for and oversee the whole market,” the CFPB states. “The result was a system without effective rules or consistent enforcement. The results can be seen, both in the 2008 financial crisis and in its aftermath.” Read more…