U.S. Rep. Byron Donalds, R-Fla., is once again teaming with U.S. Sen. Ted Cruz, R-Tex, on a proposal to abolish the Consumer Financial Protection Bureau (CFPB).
Donalds is championing the “Repeal CFPB Act” in the U.S. House while Cruz is pushing the proposal in the U.S. Senate.
“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight,” said Donalds. “In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. It’s high time to eliminate the CFPB once and for all and ease the overarching financial restraints established by Dodd-Frank that permitted unfettered power to unelected activists and the obstruction of fiscal ingenuity and growth.”
“The CFPB is an utter and complete waste of government spending and should be eliminated,” said Cruz. “It is entirely ineffective and does very little to protect consumers. The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations. The last thing our economy needs under Bidenflation is further hindrance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”
U.S. Reps. Richard McCormick, R-Ga., Ralph Norman, R-SC, and Andrew Ogles, R-SC, are co-sponsoring Donalds’ proposal.
Donalds’ bill was sent to the U.S. House Financial Services Committee.
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