GOP bill would eliminate Consumer Financial Protection Bureau [View all]
Source: The Hill
Two Republican lawmakers introduced Tuesday a bill to eliminate the Consumer Financial Protection Bureau (CFPB), the controversial watchdog agency long targeted by the GOP.
The bill from Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) would repeal Title X of the Dodd-Frank Act, which established the CFPB.
Republicans have long sought to eliminate or drastically reform the CFPB, but Cruz and Ratcliffe’s approach goes further than current GOP proposals to reshape the bureau.
Cruz said in a statement his bill “gives Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth.”
“While there’s much more to do to scale back the harmful regulatory impositions of Dodd-Frank, this legislation takes a critical step in the right direction,” said Cruz.
Read more: http://thehill.com/policy/finance/319517-gop-bill-would-eliminate-consumer-financial-protection-bureau
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