Senator Ted Cruz (R-TX) is set to take on the famed Senator Elizabeth Warren (D-MA) over what many have referred to as her “signature accomplishment”.
Cruz plans to dismantle what he calls an “out-of-control bureaucracy” — the Consumer Finance Protection Bureau which, according to their website, helps consumers “make smart financial decisions”.
“We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.”
Cruz unveiled the bill on Tuesday with Rep. John Ratcliffe (R-Texas) in the House, stating that the legislation would allow Congress “the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth.”
Many see the CFPB as a calculated move on Warren’s part to elevate her politically and set her up for a potential presidential run in 2020 — the same can be said for Cruz’s move for a 2024 run.
The full text of the bill can be read here.
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