These days, when the Wall Street lobbyists or their Republican friends attack the Consumer Financial Protection Bureau, they usually try to slash its funding or restrict its enforcement authority.
But not Senator Ted Cruz.
Yesterday – on the fifth anniversary of Wall Street reform and the fourth birthday of the CFPB – Ted Cruz introduced a bill to abolish the consumer agency entirely.
That might sound extreme, even for Ted Cruz, but consider this: eight – yes, eight – of the 2016 Republican candidates have already said they want to repeal Dodd-Frank and/or the consumer agency. Ted Cruz is just the one who is most out front about it – the others are a little quieter about their policies, knowing full well that the American people are in strong favor of consumer protection and Wall Street accountability.
We need your help to save the consumer agency now more than ever. Sign our petition now to tell Ted Cruz and the Republicans: We won't let you kill the CFPB
Want proof that the Consumer Financial Protection Bureau is working? Just yesterday, the agency announced that it had ordered Citigroup to pay $700 million back to its customers for deceptive and illegal credit card fees. And it’s not just the money that’s important: Thanks to the CFPB, Citi also announced that it would no longer sell these deceptive products.
The consumer agency can’t break up the banks or end Too Big to Fail – that’s up to Congress and other agencies. But it can stop financial institutions from cheating people on mortgages, credit cards, debit cards, and other financial products. In just four years, that brand-new little agency has already returned more than $10 billion back into the pockets of American consumers. That’s government that works.
Republicans like Ted Cruz may claim – loudly and repeatedly – that they support competitive markets, but their approach to financial regulation is pure crony capitalism that helps the rich and the powerful protect and expand their wealth and their power – and leaves everyone else behind.
Americans all across this country fought to get the Consumer Financial Protection Bureau – and we’ll fight to keep the Consumer Financial Protection Bureau. Tell Ted Cruz and the GOP: We won’t let you kill the CFPB.
Thank you for being a part of this,
Elizabeth
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