GOP lawmakers push for CFPB reform and elimination.
Sen. Ted Cruz and Rep. Byron Donalds are introducing a bill to repeal the Consumer Financial Protection Act that created the Consumer Financial Protection Bureau (CFPB), which they argue is an unnecessary and ineffective agency that stifles economic growth. The CFPB was founded after the 2008 financial crisis to serve as a financial sector watchdog. The Supreme Court is also set to hear arguments on the constitutionality of the CFPB's funding structure.