U.S. Sens. Jim Inhofe (R-Okla.) and Ted Cruz (R-Texas) reintroduced a bill, along with Sens. Mike Lee (R-Utah), Ben Sasse (R-Neb.), Mike Rounds (R-S.D.) and Marsha Blackburn (R-Tenn.), to eliminate the Bureau of Consumer Financial Protection. Read the full text of the bill here.
“Obama’s administration was all about expanding the size and scope of federal bureaucracy,” said Sen. Inhofe. “For almost eight years, the CFPB has held far too much power with virtually no Congressional oversight. I’ve seen how Oklahoma banks are being forced to spend more and more of their time and resources on complying with federal government mandates, and less on their customers—driving up costs for families, small businesses, farmers and ranchers. Eliminating the CFPB is the next step in cutting bureaucratic red-tape for hard-working Americans.”
“There has never been a greater farce and waste of government resources than the Consumer Financial Protection Bureau, and now is the time to eliminate it,” Sen. Cruz said. “Make no mistake, it does little to protect consumers and was created during the Obama administration to enforce burdensome regulations which have stunted economic growth and negatively impacted small businesses and consumers. I am proud to reintroduce this legislation alongside Senators Lee, Inhofe, Sasse, Rounds, and Blackburn, and urge our colleagues to take this up for a vote in the Senate as soon as possible.”
“The Consumer Financial Protection Bureau is a poorly designed, unaccountable, and ultimately unconstitutional agency,” Sen. Lee said. “Empowering unelected and unaccountable bureaucrats is not a good or constitutional way to protect consumers and tax payers from fraud and excessive risk taking.”
“America has three branches of government – not four,” said Senator Sasse. “Protecting consumers is good, but consolidating power in the hands of Washington elites is harmful. This powerful and unaccountable bureau is an affront to the principle that the folks who write laws must be accountable to the people.”
“The CFPB is an unaccountable regulatory agency created under Dodd-Frank with broad authorities to impose burdensome new rules on the American people – with no oversight from Congress,” Sen. Rounds said. “While we’re pleased to see the current administration rein-in the CFPB’s unchecked powers and bring much-needed accountability to the agency, until it is completely dismantled, it remains a threat to hardworking families. Abolishing the CFPB is one step we can take to ease the regulatory burdens of Dodd-Frank; I’m pleased to work with Sen. Cruz on this important legislation.”
“The CFPB is the epitome of the overgrown federal bureaucracy,” Sen. Blackburn said. “We cannot continue to allow unelected, activist bureaucrats with no accountability to Congress to implement burdensome policies that do more to hurt consumers than to help them.”