A bill has been introduced in the House of Representatives that seeks to abolish the Consumer Financial Protection Bureau, accusing it of being an “overreaching government agency with no Congressional oversight.”
H.R.6409 was introduced last week by Rep. Byron Donalds [R-Fla.] and was cosponsored by Rep. Ted Budd [R-N.C.], Rep. Alexander Mooney [R-W.V.], and Rep. Jodey Arrington [R-Texas]. The bill has been referred to the House Financial Services Committee for review. A press release issued by Rep. Donalds indicated that companion legislation will be introduce in the Senate by Sen. Ted Cruz [R-Texas].
A text of the bill was not yet available.
“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight,” Rep. Donalds said in a statement announcing the proposed legislation. “In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. By eliminating the CFPB, and thereby easing the overarching financial restraints set in place by Dodd-Frank, we can limit the scope and power of unelected activists and bring real relief to struggling Americans.”
Given the feelings of House Financial Services Committee Chair Rep. Maxine Waters [R-Calif.] toward the CFPB, it is unlikely that this bill makes it very far. But with the midterm elections coming up later this year and polls indicating that Republicans may be in position to win back the House of Representatives, this bill might face less of an uphill battle.
“The federal government can better protect consumers without the out-of-control CFPB,” Rep. Budd said in a statement.
