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On the fourth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), U.S. Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas-04) have introduced legislation to eliminate it. The CFPB, like the Dodd-Frank legislation which created it, is just another example of the cronyism that infects our nation's capital. The CFPB was sold as an entity to help consumers by regulating and reining in larger financial institutions. Ironically, the Bureau has had the opposite effect. Now five years after Dodd-Frank's passage, big banks have only gotten bigger and the number of smaller banks and options for consumers have only decreased.“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. The agency continues to grow in power and magnitude without any accountability to Congress and the people. The only way to stop this runaway agency is by eliminating it altogether,” Sen. Cruz stated. “The legislation that Rep. Ratcliffe and I are introducing today gives Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth. While there’s much more to do to scale back the harmful regulatory impositions of Dodd-Frank, this legislation takes a critical step in the right direction. So today let’s celebrate the CFPB’s fourth and final anniversary,” Sen. Cruz concluded....http://www.yourhoustonnews.com/friendswood/opinion/sen-cruz-and-rep-ratcliffe-introduce-bill-to-abolish-the/article_476a5540-a92a-50d0-abbc-0f3b0991ec72.html
