Bill · S. 303· Senate(119-S-303)
Defund the CFPB Act
- Introduced
- 1/29/2025
- Last activity
- 1/29/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Ted Cruz
- Cosponsors
- - 6 - 0
- Introduced
- In Committee
What this bill would do
This bill, titled the "Defund the CFPB Act," seeks to amend the Consumer Financial Protection Act of 2010. The primary goal is to change how the Bureau of Consumer Financial Protection is funded. Specifically, it aims to limit the amount the Director can request to fund the Bureau's activities to $0. This change involves striking existing language in the current law and redesignating certain paragraphs.
Yes
Would business owners be better off under this?+5
The elimination of the CFPB reduces the regulatory burden and oversight costs for financial businesses.
The opposite· 3 of 5
Does this give people more protection from unfair business practices?-10
By limiting the CFPB's funding to $0, the bill effectively eliminates the primary federal agency responsible for consumer financial protection.
Would households on low incomes be better off under this?-8
The loss of regulatory oversight through the CFPB removes protections that disproportionately benefit vulnerable communities.
Would middle-income households be better off under this?-7
The loss of the CFPB reduces consumer protections and oversight for middle-income financial transactions.
Who it would affect, and how
Potential Positive Impacts for People
- There are no specific positive outcomes or benefits for individuals or groups of people listed within the provided text.
Potential Negative Impacts for People
- Limiting Bureau Funding: Section 2 of the bill amends the Consumer Financial Protection Act of 2010 to limit the amount the Director may request to fund the activities of the Bureau to $0. This would result in the Bureau of Consumer Financial Protection having no requested funds for its activities.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Consumer Protection-10Reduces Government Spending-5
- Demographic And Interest Groups
- Good For Business Owners+5Good For Low Income Households-8Good For Middle Class Households-7
- Governance And Ideology
- Improves Government Transparency-5
- 1/29/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 6 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Marsha BlackburnRepublican · Tennessee
John BarrassoRepublican · Wyoming
Steve DainesRepublican · Montana
Mike LeeRepublican · Utah
Mike RoundsRepublican · South Dakota
Rick ScottRepublican · Florida