Ted Cruz backs bill to kill CFPB

by Ryan Smith16 Feb 2017

Democrats have promised a fight if any attempts are made to dismantle the Consumer Financial Protection Agency – and it looks like Republicans are taking them up on the challenge.

Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) have introduced bills in the Senate and House that would completely abolish the agency.

The bills would repeal Title X of the Dodd-Frank Act, according to a HousingWire report. That would have the effect of abolishing the CFPB; Title X established the controversial agency in the first place.

Cruz said the CFPB does consumers more harm than good.

“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” he said in a statement. “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 roll back the harmful impacts of an out-of-control bureaucracy.”

“The past several years showed us precisely why massive swaths of federal regulations are never the right solution to help hard-working Americans,” Ratliffe said. “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.”

Cruz and Ratliffe tried to abolish the CFPB two years ago, according to HousingWire. Unsurprisingly in a Democratic administration, that attempt quickly faltered. But the Texas Republicans see renewed hope under a more business-friendly Trump administration.

“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,” Ratliffe said.

 

Related stories:
Hensarling: Trump needs to fire Cordray ‘as soon as possible’
Opinion: Should Dodd-Frank be amended?

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