Representative Byron Donalds (R-FL) is introducing legislation to abolish the Consumer Financial Protection Bureau (CFPB), accusing the Bureau of being "a left-wing tool to stifle domestic economic growth, target political opponents, and prevent the development of competition."
The CFPB was founded as part of 2010's Dodd-Frank Act to protect consumers from risky financial loans for credit cards, mortgages, and other systems. However, conservatives have argued that the CFPB lacks proper oversight and regularly oversteps its authority.
Additionally, Rep. Donalds explained that the CFPB is funded by the Federal Reserve, meaning it is automatically required to approve every appropriations request, and accused the Bureau of politicization.
An op-ed for the Midland Daily News provided examples of such politicization, including a now-overturned auto-lending regulation that " used a computer model to guess the race of borrowers based on their last names and zip codes and then punished auto dealers for computer-simulated racial discrimination."
In his press release, Rep. Donalds said, "From its inception in Dodd-Frank, the CFPB has served as a left-wing tool to stifle domestic economic growth, target political opponents, and prevent the development of competition."
Moreover, the Florida Congressman described the Bureau as "Constructed outside of Congressional oversight and funded directly by the Federal Reserve, the CFPB is the very definition of the corrupt, unelected bureaucracy that has so greatly damaged our nation. It is well past time that Congress abolish the CFPB and unleash American prosperity."
Representatives Andy Ogles (R-TN), Ralph Norman (R-SC), and Rich McCormick (R-GA) are cosponsoring Donalds' move to abolish the CFPB.
"I've said it before, and I will say it again: the CFPB has got to go. It is a woke, unaccountable agency that abuses taxpayers with little to no oversight. I am proud to cosponsor Rep. Donalds' efforts to repeal and abolish it," said Rep. Ogles.
Similarly, Rep. Norman added, "The CFPB has become an out-of-control agency, consistently imposing regulations that hurt small businesses and operate without proper oversight. It's filled with woke bureaucrats who bypass the law, creating burdensome rules that undermine accountability and harm the economy. It's past time to restore balance and abolish the CFPB."
However, the Trump Administration has recently stated that it does not intend to abolish the Bureau entirely but to scale back and streamline it.
"The predicate to running a 'more streamlined and efficient bureau' is that there will continue to be a CFPB," said Acting Director and Office of Management and Budget chief Russell Vought.
