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Rep. Donalds Announces Legislation Abolishing the Consumer Financial Protection Bureau

WASHINGTON - Today, Congressman Byron Donalds (R-FL) announced the introduction of the Repeal CFPB Act, which would abolish the Consumer Financial Protection Bureau (CFPB). Reps. Jodey Arrington (R-TX), Ted Budd (R-NC), and Alex Mooney (R-WV) are original co-sponsors of this legislation. 

“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight,” said Rep. Donalds. “In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. By eliminating the CFPB, and thereby easing the overarching financial restraints set in place by Dodd-Frank, we can limit the scope and power of unelected activists and bring real relief to struggling Americans.”

“The CFPB has been a textbook example of a federal agency that routinely overreaches its authority and completely lacks accountability,” said Rep. Budd. “Its current director believes in regulation by enforcement, where Congress is cut out of the rulemaking process and businesses are at the mercy of unelected bureaucrats and liberal judges. The federal government can better protect consumers without the out-of-control CFPB.” 

Senator Ted Cruz (R-TX) is the sponsor in the United States Senate. 

Read this legislation in its entirety here