GOP Lawmakers Introduce Companion Bills to Eliminate CFPB

Yesterday Sen. Ted Cruz (R-TX) and Rep. John Ratcliffe (R-TX) each introduced legislation to eliminate the Consumer Financial Protection Bureau, The Hill reported. “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.’” However, a recent memo by Rep. Jeb Hensarling (R-TX) “contained an idea to keep the CFPB’s director while eliminating much of the bureau’s punitive and regulatory powers,” the article noted. Sen. Cruz’s S. 370 bill is available here and Rep. Ratcliffe’s H.R. 1031 bill is available here.

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