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S. 1335 (116th): Repeal CFPB Act

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The text of the bill below is as of May 6, 2019 (Introduced). The bill was not enacted into law.

Summary of this bill

Has the main new agency created in the wake of the ’08 crash done more good or harm?

Context

In the aftermath of the 2008–09 financial crash, congressional Democrats enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. Almost every congressional Republican opposed: only three Senate Republicans and three House Republicans voted in favor.

One of the law’s main provisions established a new government agency called the Consumer Financial Protection Bureau, or the CFPB. Critics on the right contend that the agency stifles business with its heavy-handed regulations of the financial and banking industries.

What the bill does

The Repeal CFPB Act would do exactly what its name implies: …

II

116th CONGRESS

1st Session

S. 1335

IN THE SENATE OF THE UNITED STATES

May 6, 2019

(for himself, Mr. Lee, Mr. Inhofe, Mr. Sasse, Mr. Rounds, Mrs. Blackburn, and Mr. Paul) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To eliminate the Bureau of Consumer Financial Protection.

1.

Short title

This Act may be cited as the Repeal CFPB Act.

2.

Repeal

The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.