WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, joined Senator Ted Cruz (R-TX) in introducing a bill to abolish the Consumer Financial Protection Bureau (CFPB).
“The Consumer Financial Protection Bureau is the embodiment of a federal bureaucracy run rampant. It is a bloated and unaccountable agency which fails to accomplish its stated purpose of protecting consumers,” said Senator Cramer. “Our bill would get rid of this Obama-era mistake.”
CFPB is an independent government agency created under the Obama Administration by now-Senator Elizabeth Warren (D-MA) and founded in 2011 in response the financial crisis. Senators Cramer and Cruz are joined on this bill to repeal the agency by Senators Jim Inhofe (R-OK), John Barrasso (R-WY), and Rand Paul (R-KY).
Click here to read the bill.