Big government beware.
Senator Ted Cruz, R-Texas (A, 97%) and Rep. John Ratcliffe, R-Texas (B, 81%) have introduced legislation to abolish the Consumer Financial Protection Bureau (CFPB), a rogue federal agency that has become a political arm of the Left used to extort banks.
Liberals like Senator Elizabeth Warren, D-Mass. (F, 18%) assured the American people that the CFPB was necessary to stand up to big banks and Wall Street fat cats. In reality, the independent agency has placed a crushing burden on the middle class, has hurt small community banks while benefiting larger ones who can afford to comply with burdensome fines and regulations, and has cost the economy as much as $3 trillion of potential growth and job creation.
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. During the Obama administration, the CFPB grew in power and magnitude without any accountability to Congress and the people, and I am encouraged by the actions President Trump has begun to take to roll back the harmful impacts of an out-of-control bureaucracy,” Sen. Cruz said.
Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. During the Obama...
And not only has the CFPB hurt the economy, its structure threatens the constitutional separation of powers that is the bedrock foundation of our republic.
It is this lack of accountability to the elected branches of government, Rep. Ratcliffe notes, that permits the CFPB to run wild. “The CFPB’s lack of accountability to the American people was quickly evidenced when – contrary to its name – it ended up hurting many of the very folks it was intended to help. While Sen. Cruz and I have been sounding the alarm on the CFPB’s federal overreach for some time now, I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House,” Rep. Ratcliffe said.
Hopefully this law will be a precursor to full repeal of Dodd-Frank. Will the Republicans in Congress move quickly on Sen. Cruz’s legislation?
Chris Pandolfo is a staff writer and type-shouter for Conservative Review. He holds a B.A. in Politics and Economics from Hillsdale College. His interests are Conservative Political Philosophy, the American Founding, and Progressive Rock. Follow him on Twitter for doom-saying and great album recommendations: @ChrisCPandolfo