Sen. Ted Cruz (R-TX) has introduced legislation that would reduce the statutory funding cap for the Consumer Financial Protection Bureau (CFPB) to $0.
When the CFPB was created in 2010 under the Dodd-Frank Act, the agency was designed to receive its funding directly from the Federal Reserve instead of from the congressional budget process. Cruz’s Defund the CFPB Act would effectively end transfer payments from the Federal Reserve to the CFPB.
“The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions,” said Cruz. “It is an unchecked Obama-era executive arm and the Federal Reserve should not be transferring funds to it. Enacting this legislation would save American taxpayers billions of dollars and I call on the Senate to expeditiously take it up and pass it.”
The bill is co-sponsored by Sens. John Barrasso (R-Wyo.), Rick Scott (R-Fla.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), and Mike Lee (R-Utah). Companion legislation was introduced in the House of Representatives by Rep. Keith Self (R-TX).
“The CFPB has long operated as an unaccountable and burdensome agency that has stifled economic growth through regulatory overreach,” said Self. “By eliminating its funding entirely, we are taking a principled stand for transparency and accountability, while restoring power to the American people and their elected representatives. This bill ensures taxpayers are no longer footing the bill for an agency that operates beyond the scope of constitutional checks and balances.”
Photo by Adam Fagen / Flickr Creative Commons
This is just a way to control every thing by political parties!
There will allow more inequality for the middle class of Americans!
And youre basing that allegation on what data?
I am LOVING all these changes. It’s about time!
Until it affects you. Then you’ll understand how insane this all is.
It is definitely going to hurt and it is going to affect us all. But it has to be done because it is out if control!!
Even Trump called Ted “Lying Ted Cruz!” So now that he’s a part of the Trump team hopefully he’s not lying! All in favor of this if it removes those annual fees we have to pay for our small businesses.
Didn’t even know it existed!
I agree with Senator Cruz 100%.
Absolutely agree with Cruz!
If I recall, I think Sen. Elizabeth Warren engineered a switch to congressional funding before he presidential run. Critics then said it could be used as a slush fund for her or Democratic pet projects. – – – – – – Fine a business for some misdeed of some kind. Then use the money for whatever is “deemed” necessary or an emergency.
This administration is doing everything possible to help and protect the interests of corporations, banks and billionaires and harming everyday citizens.
Do you feel that banks, corporations, and billionaires suffered much with the previous administration? Have you seen how the disparity grew between them and us these past 4 years?
If all these agencies are so bad and so over reaching, how come the stock market is at its highest value???? and how come billionaires recently increased their wealth by 45% or more in the last year. The CFPB really does not effect the rich but it helps the consumer who has been screwed by the system. Wake up you ignorant Americans. This is incompetent political prostitutes trying to control your life, instead of protecting the ordinary person.
We’ve been helped by the government into poverty. Minimizing government is a long overdue course correction. Many citizens who are opposed to this are probably those who are benefitting from its corruption. Dont always agree with him but Good Job Ted! Keep cutting the corruption and government.
When the gov’t dumps 2+ TRILLION dollars into the market in stupid, un-audited & frivelous spending: Of course the stock market goes up! It’s that same cash “creation”/fiat money supply that is the primary driver of inflation. Inflation is just another unauthorized tax to the everyday people you purport the CFPB to helping. The politicians and CFPB got THEIR pet projects funded against the will We The People. Where was the CFPB when the ridiculous spending packages of “Inflation Creation Act” was proposed? They sure weren’t looking out for the Consumers’ Finances Protection from the politicians creating the mess they put us in. And We The People ARE paying for that “tax” via housing, groceries, energy, etc. inflation. Economics 101, please take a course in it so you can WAKE UP to reality. The CFPB is NOT We The People’s friend 95% of the time. it’s another grift fund for politicians and banking cronies. Please do research – and not thru MSM channels ’cause they’re all talking heads, zombies, experts in nothing, benefiting from the $$ thrown at them to say what they’re told.
The CFPB does absolutely NOTHING to help the Consumer, they are useless agency, that needs to be defunded and disbanded immediately. The only way the CFPB does anything is if hundreds of thousands of Consumers complain and then they may get off their behinds and pretend to make a move against mortgage companies, or a bank, other than that, its just one person at the top making a huge salary and doing nothing. Defund and Disband ASAP Please!
Excellent! Cut the bloated government spending. It’s interesting listening to the D’s Schumer & Murray cry at the podium on Trump reigning in their obnoxious spending. Schumer said “we will keep fighting & fighting & fighting until this cruel, evil program that causes such chaos from one end of America to the other is DEAD.” I thought he was talking about Bidens open borders and financial assistance to criminals, but he was talking about the plan to curb obnoxious spending. This man continues to use harsh, dangerous language to stir up hatred and violence. He should be removed from politics. Then Murray goes on and says, “this is an administration whose sheer incompetence combined with their bad intentions and willfully disregard of the law is creating mass panic and chaos and hurting people everywhere.” REALLY! is she too talking about Biden? Where was she when all the illegal criminal elements were free to walk in our country and collect checks, health care, free phones and housing? These people are the criminals -Schumer and Murray both!
I believe the CFPB is responsible for overseeing financial institutions making sure they have fair lending practices. While I enjoy watching the new administration cut bloated programs from our government spending, this one may be a mistake. Redlining was a real problem in the past. It caused a lot of inequities in financial possibilities/homeownership for people of color and areas where lenders didn’t want to provide assistance. This program may just need some oversight…..killing it may not be the answer.
You cant be serious…. There are other organizations the deal with the Redlining you refer to (from the 60’s and 70’s) Its called HUD. They actually investigate those things.
I most certainly can be serious! Did YOU research what the CFPB does? “The CFPB enforces federal laws that protect consumers from unfair, deceptive, or abusive practices.” And, yes, I support Trump, but I am not a blanket Republican who swallows what once is serving just because it’s coming from another Republican. CFPB IS the organization that investigates unfair and abusive practices, Erin.
A lot of Americans are still in their homes after the 2008 Mortgage Meltdown thanks to the CFPB. There needs to be some guard rails to protect consumers from loosing their homes due to fraud and deceit.
Categorically false. The CFPB didnt step in and TELL lenders to rework loans or allow any type of default cures. SOME Lenders did that on their own. As an agent I can tell you the amount of people that got “help” from their mortgages pales in comparison to the volumen of people that didnt. The CFPB had nothing to to with it, they ONLY attempted to make sure it didnt happen again in the future by creating “rules” that they imagined caused it when actually, it was SOLELY greed from wall street that caused it. Watch “The Big Short.”
At least now we know where your research comes from, Erin.
The CFPB is unconstitutional. Should be funded by the Congress. It wasn’t. The very name is deceptive. What it actually does is collects and holds private information on American citizens. In truth, it is dangerous.