Rep. Byron Donalds has reintroduced legislation to abolish the Consumer Financial Protection Bureau, an Obama-era creation that conservatives have long criticized as a government red-tape factory with no accountability to voters.
Act, the legislation would eliminate an agency created in 2011 through the Dodd–Frank Wall Street Reform and Consumer Protection Act. The bill was a response to the 2008-09 recession and financial crisis.is funded through the Federal Reserve, not through annual congressional appropriations. The Supreme Court will hear a major case challenging the agency’s funding in the fall, with a decision coming sometime next year.
Democrats, however, and consumer advocacy organizations say the agency must be a watchdog for unjust and crooked practices in the mortgage markets, student loans and payday lending.
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