While many Republicans are struggling with their proposals to decrease the CFPB's powers, two lawmakers have a simple solution – abolish the agency.
This week, Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) introduced a one sentence bill that would close the agency.
"The legislation that Rep. Ratcliffe and I are introducing today gives Congress the opportunity to free consumers and small businesses from the CFPB's regulatory blockades and financial activism, which stunt economic growth," Cruz said, in introducing the legislation.
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"The CFPB's lack of accountability to the American people was quickly evidenced when – contrary to its name – it ended up hurting many of the very folks it was intended to help," Ratcliffe said.
House Republicans have been going back and forth on how to deal with the CFPB. House Financial Services Chairman Jeb Hensarling (R-Texas) last year introduced legislation that would have converted the CFPB into a five-member commission rather than an agency governed by a single director.
Hensarling has not reintroduced his Dodd-Frank overhaul bill yet this year. However, an outline of changes he is contemplating would maintain the agency's current structure, with greatly diminished powers.
Democrats, including House Financial Services ranking Democrat Maxine Waters (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) have vowed to fight any efforts to weaken the CFPB.
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