Yet another agency is being proposed for elimination per legislation introduced in Congress this week. This time, it’s the Consumer Financial Protection Bureau (CFPB).
Legislation was introduced in both the House and the Senate to do away with the agency. The House bill (H.R. 1031) was introduced by Rep. John Ratcliffe (R-TX) and the Senate bill (S. 370) by Senator Ted Cruz (R-TX).
The average salary for employees at the agency in FY 2016 was $132,964.69 for 1,537 employees according to data from FedsDataCenter.com.
The lawmakers said that “unaccountable overreach” by the agency that ultimately harms consumers is why it needs to go.
Cruz explained his reasoning in a statement:
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.
The legislation would terminate the CFPB by repealing title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Consumer Financial Protection Act of 2010. The move to eliminate the CFPB is part of a broader effort by Republicans to make reforms to the Dodd-Frank regulations.