Republicans Introduce Bills to Eliminate CFPB
Tue 21 Feb, 2017 / by McIntyre & Lemon / Client Alerts
02/21/17 – Law360 reports that Republican lawmakers have introduced legislation that would eliminate the Consumer Financial Protection Bureau (CFPB).
The legislation, introduced in the Senate by Sen. Ted Cruz (R-TX) and the House of Representatives by Rep. John Ratcliffe (R-TX), would repeal Title X of the Dodd-Frank Act, which created the CFPB. The bills differ from most Republican legislation on the bureau, which have tended to focus on changing the CFPB’s single-director leadership structure and independent funding mechanism.
The two lawmakers argue that the problems with the CFPB are far deeper than the leadership structure and funding mechanism. Sen. Cruz states that the CFPB can only be resolved by killing the bureau.
Republicans have repeatedly filed legislation seeking to change the single director leadership structure into a five-member bipartisan commission. The Republicans have also objected to the CFPB’s funding through the Federal Reserve, which they say protects the bureau from congressional oversight through the appropriations process.