Sen. Cruz Introduces Legislation to Defund the CFPB and Restore Congressional Oversight

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Defund the CFPB Act, which would zero out transfer payments from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB).

Upon introduction, Sen. Cruz said, “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 is co-sponsored by Sens. John Barrasso (R-Wyo.), Rick Scott (R-Fla.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), and Mike Lee (R-Utah).

Rep. Keith Self (R-Texas-03) introduced the companion legislation in the House of Representatives.

Read the Defund the CFPB Act here.

BACKGROUND

This bill is supported by the Texas Credit Union Association (TXCUA), Texas Bankers Association (TBA), and Heritage Action.

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