Texas Republican Sen. Ted Cruz introduced a two-page bill Tuesday to abolish the Consumer Financial Protection Bureau, the darling of Sen. Elizabeth Warren and Bernie Sanders.
The Repeal CFPB Act, which Cruz and four other Republican senators sponsored, would repeal the Consumer Protection Act of 2010, the part of the Dodd-Frank bill that created the CFPB and granted it sweeping authority over banks, money lenders and financial institutions.
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” Cruz said 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 said.
The bill is two short sections, the first of which states the title of the legislation. The second and final section of the proposed bill says “The Consumer Financial Protection Act of 2010 … is repealed, and the provisions of law amended or repealed by that Act are restored or revised as if the Act had not been enacted.”
Republican Rep. John Ratcliffe, also of Texas, proposed identical legislation in the House of Representatives.
“The CFPB’s lack of accountability to the American people was quickly evidenced when — contrary to its name — it ended up hurting many of the very folks it was intended to help,” Ratcliffe said.
Other Republicans have ideas for reforming President Barack Obama’s signature financial protection agency, Reuters reports. Georgia Sen. David Perdue intends to change the CFPB to make it more accountable to Congress.
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