Sen. Ted Cruz, R-Texas, and Rep. Byron Donalds, R-Fla., are leading an effort to eliminate the Consumer Financial Protection Bureau, which was formed after the 2008 financial crisis.
that created the agency and restore federal laws"as if the act had not been enacted," according to a copy of the bill obtained by Fox News Digital. Since it was established in 2010, Republican lawmakers and financial groups have criticized the CFPB as an unnecessary agency.
"The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations," he continued."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.
"Consumer financial protection had not been the primary focus of any federal agency, and no agency had effective tools to set the rules for and oversee the whole market," the CFPB states."The result was a system without effective rules or consistent enforcement. The results can be seen, both in the 2008 financial crisis and in its aftermath."
Sen. Elizabeth Warren, D-Mass., is often credited with establishing the agency. She first proposed it in 2007 when she was a Harvard Law School professor, and former President Barack Obama later appointed her to serve as a White House adviser with the task of overseeing the CFPB's formation in late 2010.
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