Sen. Ted Cruz, R-Texas, and Rep. Byron Donalds, R-Fla., are unleashing an effort to eliminate the Consumer Financial Protection Bureau (CFPB).
The lawmakers are introducing a bill Thursday to repeal the Consumer Financial Protection Act that created the agency and restore federal laws “as if the act had not been enacted,” according to a copy of the bill obtained by Fox News Digital. Since it was established in 2010, Republican lawmakers and financial groups have criticized the CFPB as an unnecessary agency.
“The CFPB is an utter and complete waste of government spending and should be eliminated,” Cruz, who is the ranking member of the Senate Commerce Committee, told Fox News Digital in a statement. “It is entirely ineffective and does very little to protect consumers.”
“The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations,” he continued. Read more…
