Bills Introduced in House, Senate to Abolish CFPB

Not content with making small changes to the Consumer Financial Protection Bureau, like changing how it receives its funding or how many people are in charge, Sen. Ted Cruz [R-Texas] and Rep. Byron Donalds [R-Fla.] have introduced bills in the Senate and House of Representatives, respectively, to completely abolish the Bureau.

A copy of the Senate bill, S. 1363, can be accessed by clicking here. A copy of the House bill, H.R. 2937, can be accessed by clicking here. But I wills save you a couple of clicks. The text of the bill is one sentence long —

The Consumer Financial Protection Act of 2010 (12 6 U.S.C. 5481 et seq.) is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.

Given the slim majority that Democrats maintain in the Senate and that President Biden is going to be living in the White House for at least another 21 months, it seems unlikely that any effort to repeal the CFPB will not get very far. But the introduction of the bills does say a lot about how Republicans view the CFPB and what they think of the steps the agency has taken in recent years.

“The CFPB is an utter and complete waste of government spending and should be eliminated,” Sen. Cruz said 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. The last thing our economy needs under Bidenflation is further hinderance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”