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Republican congressman calls to defund the Consumer Financial Protection Bureau

By and 02/19/2025 | updated 7 months ago

Rep. Keith Self (R-TX) wants to see change in Washington, D.C., particularly the kind of change that embraces conservative fiscal policy.

In a letter to House Speaker Mike Johnson (R-LA), Self encouraged the inclusion of a bill that would strip the Consumer Financial Protection Bureau of its funding. It’s a step the Texas congressman believes would help restore sound financial policies within the government. Self asked Johnson to include the Defund the CFPB Act in the forthcoming budget reconciliation bill.

“This bill is essential to advancing conservative fiscal policy by cutting off all funding to the Consumer Financial Protection Bureau (CFPB) and ensuring that this rogue agency is permanently eliminated,” Self wrote.

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Since the Trump administration took office, the CFPB has received significant scrutiny. Detractors have accused the agency of reckless spending and illegal overreach. The agency was formed in 2011 primarily in response to the 2008 financial crisis. Its critics have said it has expanded beyond its purpose and is part of a behemoth bureaucracy. 

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Elon Musk, a presidential adviser and the head of the Department of Government Efficiency, has been a staunch opponent of the CFPB. In November 2024, he posted a message on X calling to end it. He echoed similar sentiments earlier this month.

“CFPB RIP,” Musk posted. 

In a press release on Tuesday, Self explained the benefits of the Defund the CFPB Act and why he believed it was necessary.

“The recent directives from the Trump administration affirm what American businesses, banks, and taxpayers know—that this burdensome bureaucratic agency is well past the point of meaningful reform,” Self said. “By including the Defund the CFPB Act in the reconciliation package, we can ensure that these actions have a lasting impact and restore accountability within our financial regulatory framework.”

The bill’s co-sponsors included Reps. August Pfluger (R-TX), Byron Donalds (R-FL), Glenn Grothman (R-WI), Randy Weber (R-TX), and Tom Tiffany (R-WI) noted the release. Sen. Ted Cruz (R-TX) introduced the Defund the CFPB Act in the Senate in January. 

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In his letter to Johnson, Self also emphasized that eliminating the CFPB would align with the agenda and vision of President Donald Trump. He mentioned the previous action taken by the Trump administration to “curtail the CFPB’s unchecked power, recognizing the agency as an unconstitutional regulatory overreach.”

“The CFPB has long been a source of regulatory overreach, with its funding mechanism shielding it from congressional accountability,” Self wrote. “The Supreme Court recently upheld the agency’s funding structure, but it remains clear that Congress has the ultimate authority to determine its future. With control of the legislative process, we must seize this moment to act decisively.”

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