Perhaps sensing blood in the water, Rep. Byron Donalds [R-Fla.] has reintroduced a bill that would do away with the Consumer Financial Protection Bureau. Rep. Donalds last week introduced H.R. 1603, “The Repeal CFPB Act”. This is the second time that Donalds has introduced a bill that would eliminate the CFPB.
The bill’s language is short and sweet – one sentence that says, “The Consumer Financial Protection Act of 2010 (12 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 is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.”
This bill follows another measure that was introduced in the Senate by Sen. Ted Cruz [R-Texas], another vocal critic of the CFPB. That bill was aimed at blocking the CFPB’s funding, which would have rendered it unable to continue operations. The CFPB receives its funding directly from the Federal Reserve and does not have to go through the Congressional appropriations process, which has angered Republicans since the CFPB’s founding. The bill is cosponsored by Rep. Andy Ogles [R-Tenn.], Rep. Ralph Norman [R-S.C.], and Rep. Rich McCormick [R-Ga.].
“From its inception in Dodd-Frank, the CFPB has served as a left-wing tool to stifle domestic economic growth, target political opponents, and prevent the development of competition,” said Rep. Donalds, in a statement. “Constructed outside of Congressional oversight and funded directly by the Federal Reserve, the CFPB is the very definition of the corrupt, unelected bureaucracy that has so greatly damaged our nation. It is well past time that Congress abolish the CFPB and unleash American prosperity.”
