Us Senator Ted Cruz (TX) | Facebook Website
Us Senator Ted Cruz (TX) | Facebook Website
U.S. Senator Ted Cruz has introduced the Defund the CFPB Act, aiming to eliminate transfer payments from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB).
Senator Cruz commented on the introduction of this legislation: "The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions. It is an unchecked Obama-era executive arm and the Federal Reserve should not be transferring funds to it. Enacting this legislation would save American taxpayers billions of dollars and I call on the Senate to expeditiously take it up and pass it."
The bill sees support from several co-sponsors in the Senate including Senators John Barrasso, Rick Scott, Steve Daines, Marsha Blackburn, Mike Rounds, and Mike Lee. In parallel efforts within Congress, Representative Keith Self has introduced a companion bill in the House of Representatives.
The proposal has garnered backing from various organizations such as the Texas Credit Union Association (TXCUA), Texas Bankers Association (TBA), and Heritage Action.
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