Sen. Elizabeth Warren’s darling Consumer Financial Protection Bureau may be history in the near future.
On Tuesday, Sen. Ted Cruz put forth a simple one-page bill that would completely abolish the Consumer Financial Protection Bureau, spearheaded by Warren and co-sponsored by Bernie Sanders.
The Texas senator and four other Republicans have sponsored the “Repeal CFPB Act,” which would repeal the Consumer Protection Act of 2010, the part of the Dodd-Frank bill that created the CFPB and granted it sweeping authority over banks, money lenders and financial institutions.
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” Cruz 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 take to roll back the harmful impacts of an out-of-control bureaucracy,” Cruz stated.
The bill is simple — which is how most legislation should be. The first section states the title of the legislation. The second and final section of the suggested bill says “The Consumer Financial Protection Act of 2010 … is repealed, and the provisions of law amended or repealed by that Act are restored or revised as if the Act had not been enacted.”