Senator Ted Cruz introduced a bill to abolish the Consumer Financial Protection Bureau, arguing that it will “free consumers and small businesses from…regulatory blockades.”
While Republican agree that the CFPB needs to be abolished, they do not necessarily agree on the course of action. House Financial Services Committee Chairman, Jeb Hensarling, suggested that it would likely be impossible to overcome the inevitable Democrat filibuster, and that the agency should be “functionally terminated” instead.
The Washington Examiner reports – Texas conservative Sen. Ted Cruz on Tuesday introduced legislation to “abolish” the Consumer Financial Protection Bureau, highlighting the threat to the agency from the Right.
Cruz called the CFPB, created by President Barack Obama‘s 2010 financial reform law as the brainchild of Elizabeth Warren before her election to the Senate, an “out-of-control bureaucracy.”
His legislation, he said, would give Congress “the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth.”
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