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Ted Cruz and Byron Donalds Move to Eliminate an Entire Government Agency: 'An Utter and Complete Waste'

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Texas Republican Ted Cruz has reintroduced a bill in the Senate to eliminate the Consumer Financial Protection Bureau, partnering with Florida Republican Byron Donalds, who introduced the same bill in the House.

The bureau’s stated purpose is to ensure that U.S. residents “are treated fairly by banks, lenders and other financial institutions,” according to its website.

In reality, Cruz said in a statement, the organization is “entirely ineffective and does very little to protect consumers.”

Donalds obviously agreed.

“In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers,” he said in a statement.

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The ‘‘Repeal CFPB Act’’ would repeal the Consumer Financial Protection Act of 2010, restoring federal law to its previous state “as if the Act had not been enacted,” according to the language of the one-page bill.

Fox News noted that the CFPB was first proposed by Democratic Sen. Elizabeth Warren, who proposed it in 2007 while a law professor at Harvard. Former President Barack Obama then put her in charge of overseeing the creation of the bureau in 2010.

The U.S. 5th Circuit Court of Appeals ruled the “agency’s funding structure” an unconstitutional violation of the separation of powers clause, a decision the Supreme Court is slated to review later this year, Fox said.

The statement from Cruz’s Senate website appears here:

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced a bill, along with Sens. Mike Lee (R-Utah), Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), and Rand Paul (R-Ky.) to eliminate the Bureau of Consumer Financial Protection.

The bill was introduced in the House by Rep. Byron Donalds (R-Fla.) and is cosponsored by Reps. Andy Ogles (R-Tenn.), Ralph Norman (R-S.C.), and Rich McCormick (R-Ga.).

About the bill, Sen. Cruz said: 

“The CFPB is an utter and complete waste of government spending and should be eliminated. It is entirely ineffective and does very little to protect consumers. The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations. The last thing our economy needs under Bidenflation is further hinderance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”

Rep. Donalds said: 

“Look no further than the CFPB for the epitome of the Washington Swamp: an unconstitutional, unaccountable, and overreaching government agency with no Congressional oversight. In addition to the drain of federal resources, the CFPB hinders economic prosperity by imposing burdensome and unnecessary regulations on American consumers. It’s high time to eliminate the CFPB once and for all and ease the overarching financial restraints established by Dodd-Frank that permitted unfettered power to unelected activists and the obstruction of fiscal ingenuity and growth.”

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The full text of the bill can be read here

Sen. Cruz’s number one priority is jobs, jobs, jobs. And that’s because it’s the top priority of freedom-loving Texans.

• He helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas.

Should the CFPB be eliminated?

• He has also fought to make permanent its historic tax cuts for individuals.

• He continues to lead the fight against burdensome federal government regulations and EPA overreach.

• In 2020, when 1.4 million Texans lost their jobs because of the COVID pandemic, Sen. Cruz fought for true economic recovery, introducing comprehensive legislation to restart the economy, get Americans back to work, and put our kids back in school.

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George Upper is the former Editor-in-Chief of The Western Journal and was a weekly co-host of "WJ Live," powered by The Western Journal. He is currently a contributing editor in the areas of faith, politics and culture. A former U.S. Army special operator, teacher and consultant, he is a lifetime member of the NRA and an active volunteer leader in his church. Born in Foxborough, Massachusetts, he has lived most of his life in central North Carolina.
George Upper, is the former editor-in-chief of The Western Journal and is now a contributing editor in the areas of faith, politics and culture. He currently serves as the connections pastor at Awestruck Church in Greensboro, North Carolina. He is a former U.S. Army special operator, teacher, manager and consultant. Born in Massachusetts, he graduated from Foxborough High School before joining the Army and spending most of the next three years at Fort Bragg. He holds bachelor's and master's degrees in English as well as a Master's in Business Administration, all from the University of North Carolina at Greensboro. He and his wife life only a short drive from his three children, their spouses and his grandchildren. He is a lifetime member of the NRA and in his spare time he shoots, reads a lot of Lawrence Block and John D. MacDonald, and watches Bruce Campbell movies. He is a fan of individual freedom, Tommy Bahama, fine-point G-2 pens and the Oxford comma.
Birthplace
Foxborough, Massachusetts
Nationality
American
Honors/Awards
Beta Gamma Sigma
Education
B.A., English, UNCG; M.A., English, UNCG; MBA, UNCG
Location
North Carolina
Languages Spoken
English
Topics of Expertise
Faith, Business, Leadership and Management, Military, Politics




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