Sens. Elizabeth Warren and Bernie Sanders’ pet overbearing, bureaucracy monstrosity, the Consumer Financial Protection Bureau, has been targeted by Sen. Ted Cruz in a two-page bill Tuesday that pushes to demolish it.
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” a statement from Cruz read.
“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,” he continued.
Texas Republican Rep. John Ratcliffe pushed the same legislation in the House. “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.
The Daily Caller reported:
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.
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 The second and final section of the proposed bill says “The Consumer Financial Protection Act of 2010 … is repealed, and the provisions of law amended or repealed by that Act are restored or revised as if the Act had not been enacted.”
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.
Good. Trump ran on draining the swamp and tackling bureaucratic institutions that hamper the country — — as did many members of Congress — and this appears to be a good example of that.
It’s good to see Congress getting off of their butts to get the things done that were promised to the American people. Hopefully this gets done and the ball gets rolling on the many other things on the list, although I’m certainly not holding my breath …