Senator Ted Cruz (R-Texas) is set to lock horns with liberal icon Senator Liz Warren (D-Mass.) over an agency she invented and he criticizes as an "out-of-control bureaucracy."
Cruz introduced a bill Tuesday to dismantle the Consumer Finance Protection Bureau, Warren's "signature accomplishment" according to the National Review, which detailed the conservative objections to the CFPB.
It’s no surprise that Democrats and the liberal media shamelessly perpetuate such obvious lies about the CFPB, since its leadership by an ostensibly irremovable director, funding outside the congressional appropriations process, and ideological hiring turned the bureau into a political rather than professional organization. Just this week, Paul Krugman wrote in his New York Times column that the Wells Fargo “scandal only came to light thanks to the bureau.” In fact, a Los Angeles Times article exposed the fraud in 2013, and the CFPB allowed it to continue for three years while the Los Angeles City Attorney and Comptroller of the Currency led investigations that produced the $185 million settlement.
Cruz introduced the bill with Rep. John Ratcliffe (R-Texas) in the House, saying 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."
This is just the latest attack on the bureau by Republicans who are looking at many different options to dismantle what they see as another government office imposing job-killing restrictions on the economy.
The Washington Examiner pointed out how President Trump himself could gut the agency.
Another possible threat to the consumer bureau is that of President Trump trying to fire its Obama-appointed director, Richard Cordray, and appointing instead a regulator more aligned with Republicans.
Many see the CFPB as the key to Warren's legacy, and a political springboard to higher offices, including perhaps a presidential run in 2020. Warren has been recently elevated in the Democratic party after Majority Leader Mitch McConnell (R-Ken.) made her sit down during her speech against now Attorney General Jeff Sessions for impugning his character, something against Senate rules. Some have speculated that this was a calculated move on McConnell's part in order to swing the Democratic party farther to the left and make it easier to defeat in the mid-terms and in 2020.