Ted Cruz and Keith Self Lead Effort to Defund Consumer Financial Protection Bureau Amid $20 Billion Returned to 200 Million Americans

Senator Ted Cruz, a Republican from Texas, is leading a renewed effort to abolish the Consumer Financial Protection Bureau (CFPB), an agency established after the 2008 financial crisis to protect consumers in financial transactions. Cruz has introduced legislation aimed at defunding the CFPB, a move that mirrors his previous attempts to eliminate the agency. Additionally, U.S. Representative Keith Self has proposed legislation to reduce the CFPB's statutory funding cap to $0, effectively cutting off its financial resources. Advocates for the CFPB highlight its achievements, noting that the agency has returned nearly $20 billion to almost 200 million Americans who were harmed by the financial industry since its inception. Critics of the agency argue that it serves special interests, particularly those of Wall Street.