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Sen. Cruz, Rep. Ratcliffe Introduce Legislation to Abolish the CFPB

February 14, 2017

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WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) introduced legislation today to reverse unaccountable overreach at the Consumer Financial Protection Bureau (CFPB). The pair of bills (S. 370 and H.R. 1031) would help advance Republicans’ broader Dodd-Frank reform efforts by tackling Title X of the law.

“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. 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,” Sen. Cruz said. “The legislation that Rep. Ratcliffe and I are introducing today gives Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial  activism, which stunt economic growth. While there’s much more to do to scale back the harmful regulatory impositions of Dodd-Frank, this legislation takes a critical step in the right direction.” 

“The past several years showed us precisely why massive swaths of federal regulations are never the right solution to help hard-working Americans. President Trump has made it clear he’ll join us in our fight to dismantle Dodd-Frank and finally offer some relief to the small business owners throughout Texas and across the country who’ve been hit hardest by its devastating impact,” said Rep. Ratcliffe. 

Rep. Ratcliffe continued: “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. While Sen. Cruz and I have been sounding the alarm on the CFPB’s federal overreach for some time now, I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House.”

Full text of the legislation can be viewed here

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