by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Texas Republican Sen. Ted Cruz introduced a two-page bill Tuesday to abolish the Consumer Financial Protection Bureau, the darling of Sen. Elizabeth Warren and Bernie Sanders.
The Repeal CFPB Act, which Cruz and four other Republican senators sponsored, 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 said.