On May 7, Sen. Ted Cruz (R-Tex.) announced that he is reintroducing a bill titled the “Repeal CFPB Act” which would eliminate the Consumer Financial Protection Bureau. This represents the third time that Cruz has attempted to introduce a bill in the Senate that would eliminate the CFPB. In 2015 and 2017 the efforts were not successful.
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 would repeal the Consumer Financial Protection Act of 2010, which would eliminate the CFPB and any rulings passed by the agency. In a statement, Cruz stated that “[t]here has never been a greater farce and waste of government resources than the Consumer Financial Protection Bureau. … Make no mistake, it does little to protect consumers and was created during the Obama administration to enforce burdensome regulations which have stunted economic growth and negatively impacted small businesses and consumers.”
Cruz’s co-signer, Inhofe, also issued a statement stating, “Obama’s administration was all about expanding the size and scope of federal bureaucracy. For almost eight years, 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. Eliminating the CFPB is the next step in cutting bureaucratic red-tape for hard-working Americans.”