Sens. Ted Cruz (R-Texas), Mike Lee (R-Utah), Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), and Rand Paul (R-Ky.) reintroduced a bill that would eliminate the Consumer Financial Protection Bureau (CFPB). Rep. Byron Donalds (R-Fla.) introduced a similar motion in the House.
“The CFPB is an utter and complete waste of government spending and should be eliminated,” Cruz said. “It is entirely ineffective and does very little to protect consumers. The only purpose of this sham, [Barack] 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.”
The entire text of the bill reads, “The Consumer Financial Protection Act of 2010 (12 7 U.S.C. 5481 et seq.) is repealed, and the provisions of law amended or repealed by that act are restored or revived as if the act had not been enacted.”
The CFPB has been met with contention since its inception in 2011 and has been the focus of several court decisions in recent years. Among them were Selia Law, LLC v. CFPB in 2020, where the court determined the “for cause” removal provision for the bureau’s director unconstitutional, but reparable. In October 2022, the U.S. Court of Appeals for the Fifth Circuit determined the bureau’s financial structure also to be unconstitutional. A second circuit court held the opposite, and the issue is scheduled to be heard by the U.S. Supreme Court in the fall.
“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight,” Donalds said. “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.”
Cruz has regularly introduced a bill to eliminate the CFPB since 2015. He also introduced the same bill in 2017, 2019, and 2021.