Republicans move to abolish CFPB

If a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer, as for at least the third time in the last few years, Republicans are trying to kill the CFPB.

And just like the two previous times it’s been attempted, Sen. Ted Cruz, R-Texas, is leading the way.

Cruz on Tuesday announced that he is reintroducing a bill, titled the “Repeal CFPB Act,” which would do exactly that: eliminate the CFPB.

As stated above, this is Cruz’s third time to try to legislatively destroy the CFPB.

Back in 2015, Cruz introduced a bill in the Senate that would have eliminated the CFPB, calling the CFPB a “runaway agency.” The bill did not pass, and in 2017, Cruz tried again.

“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 said in 2017.

In both of those previous attempts, Rep. John Ratcliffe, R-Texas, joined Cruz’s efforts to do away with the CFPB.

Now, Cruz is at it again, but this time, he has some support in the Senate.

Joining Cruz in introducing the bill are: Sens. Mike Lee, R-Utah; Jim Inhofe, R-Okla.; Ben Sasse, R-Neb.; Mike Rounds, R-S.D.; Marsha Blackburn, R-Tenn.; and Rand Paul, R-Ky.

The bill itself, which can be read here, would repeal the Consumer Financial Protection Act of 2010, which would thereby eliminate the CFPB and any law changes that came from the bureau.



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