Republicans just dropped some really bad news on the desk of liberal leaders Sens. Elizabeth Warren and Bernie Sanders.
Five conservative lawmakers just took aim at the Consumer Financial Protection Bureau – the darling of anti-business Democrats like Warren. The law was protected for years by the Massachusetts senator with the help of former President Barack Obama.
That’s all changing.
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” Sen. Ted Cruz said in a statement.
“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,” Cruz said.
The CFPB has been a prime target for Republicans, who have long accused it of regulatory overreach that killed due process and destroyed jobs — and the move has voters cheering.
“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,” Texas Rep. John Ratcliffe, who introduced identical legislation into the House of Representatives, said.
— The Horn editorial team