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Sen. Cruz Reintroduces Bill to Do Away with the Consumer Financial Protection Bureau

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced a bill, along with Sens. Mike Lee (R-Utah), Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), and Rand Paul (R-Ky.) to eliminate the Bureau of Consumer Financial Protection.

The bill was introduced in the House by Rep. Byron Donalds (R-Fla.) and is cosponsored by Reps. Andy Ogles (R-Tenn.), Ralph Norman (R-S.C.), and Rich McCormick (R-Ga.).

About the bill, Sen. Cruz said: 

“The CFPB is an utter and complete waste of government spending and should be eliminated. 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.”

Rep. Donalds said: 

“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight. In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. It’s high time to eliminate the CFPB once and for all and ease the overarching financial restraints established by Dodd-Frank that permitted unfettered power to unelected activists and the obstruction of fiscal ingenuity and growth."

The full text of the bill can be read here

Sen. Cruz’s number one priority is jobs, jobs, jobs. And that’s because it’s the top priority of freedom-loving Texans.

  • He helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas.
  • He has also fought to make permanent its historic tax cuts for individuals.
  • He continues to lead the fight against burdensome federal government regulations and EPA overreach.
  • In 2020, when 1.4 million Texans lost their jobs because of the COVID pandemic, Sen. Cruz fought for true economic recovery, introducing comprehensive legislation to restart the economy, get Americans back to work, and put our kids back in school.