Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) have introduced a bill in Congress this week that would abolish the Consumer Financial Protection Bureau (CFPB), Housing Wire reported on Wednesday. Cruz said that this legislation will give Congress the opportunity to “free consumers and small business” from the CFPB and its “regulatory blockades and financial activism,” which impede economic growth. Ratcliffe said that he believes the CFPB’s “regulatory zeal” has negatively impacted American consumers and businesses. “The CFPB's regulatory zeal has stripped American consumers and businesses of their freedom of choice and has limited their access to capital — all in the name of a 'we know best' attitude from Washington,” Ratcliffe said. In a joint release from Cruz and Ratcliffe’s offices, the two Texas Republicans said that the CFPB is “just another example of the cronyism that infects our nation's capital.”
