Bill Summary
This proposed bill aims to eliminate the Bureau of Consumer Financial Protection, a federal agency responsible for regulating and enforcing consumer financial laws. The bill, titled the "Repeal CFPB Act," would repeal the Consumer Financial Protection Act of 2010 and restore or revive any laws that were amended or repealed by that act. If passed, the CFPB would cease to exist and its responsibilities would likely be transferred to another agency or eliminated altogether.
Possible Impacts
1. The elimination of the Bureau of Consumer Financial Protection could potentially leave consumers vulnerable to fraudulent practices by financial institutions without proper oversight and enforcement.
2. The repeal of the Consumer Financial Protection Act of 2010 may result in the loss of jobs for employees of the bureau, affecting their livelihoods and financial stability.
3. The restoration of previously amended or repealed laws could result in a lack of protection for consumers against unfair or deceptive financial practices, potentially leading to financial losses for individuals.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1335 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
1st Session
S. 1335
To eliminate the Bureau of Consumer Financial Protection.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 6, 2019
Mr. Cruz (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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Repeal CFPB Act''.
SEC. 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 is repealed, and the provisions of law amended or repealed by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.
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