U.S. Sens. Ted Cruz (R-Texas), Jim Inhofe (R-Okla.), Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), and Rand Paul (R-Ky.) today introduced a bill to eliminate the Bureau of Consumer Financial Protection (CFPB). This bill was previously introduced in 2017 and 2019.
Upon introduction of this bill, Sen. Cruz said:
“The Consumer Financial Protection Bureau’s sole purpose is to enforce burdensome regulations on small business and consumers – with essentially no congressional accountability. The Obama-Biden administration allowed this department to drain government resources for years, and President Biden is shamelessly working to rebuild that bloated bureaucracy at the expense of hard-working Americans. Passing this bill to eliminate the CFPB would be a step in the right direction toward reducing the size of our federal government.”
Sen. Inhofe said:
“After our landmark reforms to the onerous Dodd-Frank regulations, led by President Trump, completely eliminating the CFPB is the next step in cutting bureaucratic red-tape for hard-working Americans. Obama’s administration was all about expanding the size and scope of the federal bureaucracy and the Biden administration is proving to build upon that disastrous record. For almost a decade, the CFPB has held far too much power with virtually no Congressional oversight. I’ve seen how Oklahoma banks are being forced to spend more and more of their time and resources on complying with federal government mandates, and less on their customers—driving up costs for families, small businesses, farmers and ranchers. I will continue to fight for the best interest of Oklahomans even if this administration chooses not to.”
Sen. Cramer added:
“The Consumer Financial Protection Bureau is the embodiment of a federal bureaucracy run rampant. It is a bloated and unaccountable agency which fails to accomplish its stated purpose of protecting consumers. Our bill would get rid of this Obama-era mistake.”
Read the full text of Sen. Cruz’s bill here.