After the completion of the CFPB's qualified mortgage rule, one third of black and Hispanic borrowers will be denied homeownership, Hensarling said, citing a Federal Reserve report.

“Regrettably, it looks like the consumer protection agency is going to 'protect' millions of Americans right out of owning a home,” he added.

While the Texan did not offer much in the way of details of how to unwind the CFPB, he listed ways to make the Fed more accountable, including passing the Federal Oversight Reform and Modernization Act from the House.

He blamed the Fed for keeping interest rates low for an extended period of time, helping to create the housing bubble.

Additionally, he said of the central bank, “Separate and apart from monetary policy, the Fed – thanks to the Obama Financial Control Law – can now functionally control every major corner of the financial services sector of the economy. And it can do so as part of a shadow regulatory system that is neither transparent nor accountable to the American people.”

He added that this not only harms economic growth but is an affront to the due process, checks and balances, and the rule of law.

Hensarling concluded there are two different futures and two different visions of the economy.

“We reject trickle down government and instead celebrate the risk-taking entrepreneurial spirit that has made America the shining light, the envy of the world and the last best hope of mankind on this earth,” he said.