Ted Cruz Introduces Legislation to Abolish Consumer Financial Protection Bureau

Earlier in the week, Senator Ted Cruz (R-TX) introduced legislation which would abolish the Consumer Financial Protection Bureau.

Titled the Repeal CFPB Act, Cruz’s bill is just over a page long, and gets straight to the point:

“The Consumer Financial Protection Act of 2010 is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.”

In a statement released to his website on Tuesday, Cruz stated:

“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. 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.”