Representative Byron Donalds (R-Fl.) and Senator Ted Cruz (R-Tx.) have set their sights on abolishing a federal agency created under the Obama administration that they say stifles economic growth and has not accomplished the mission it set out to after its creation.

The Consumer Financial Protection Bureau (CFPB), a brainchild of Senator Elizabeth Warren (D-Ma.), was created in 2011 in the aftermath of the 2008 recession to ensure that consumers were being properly protected by lenders, banks, and financial institutions.

Sens. Mike Lee, R-Utah, Kevin Cramer, R-N.D., John Barrasso, R-Wyo., and Rand Paul, R-Ky. joined Donalds and Cruz in their effort to eliminate the federal agency.

Cruz has been an opponent of the CFPB since 2015 and has unsuccessfully made attempts to abolish it in the past.

Even though it is unlikely that the CFPB will be eliminated through the legislative process, the Supreme Court agreed in February to take up a case challenging the constitutionality of the agency with oral arguments expected later this year and a decision in 2024.

FOX News Reports

Sen. Ted Cruz, R-Texas, and Rep. Byron Donalds, R-Fla., are unleashing an effort to eliminate the Consumer Financial Protection Bureau (CFPB).

The lawmakers are introducing a bill Thursday to repeal the Consumer Financial Protection Act that created the agency and restore federal laws “as if the act had not been enacted,” according to a copy of the bill obtained by Fox News Digital. Since it was established in 2010, Republican lawmakers and financial groups have criticized the CFPB as an unnecessary agency.

“The CFPB is an utter and complete waste of government spending and should be eliminated,” Cruz, who is the ranking member of the Senate Commerce Committee, told Fox News Digital in a statement. “It is entirely ineffective and does very little to protect consumers.”

“The only purpose of this sham, Obama-mandated organization is to stifle economic growth by enforcing burdensome, unnecessary economic regulations,” he continued. “The last thing our economy needs under Bidenflation is further hindrance by government bureaucrats. Ending the CFPB will spur economic growth at a time when Texans and Americans sorely need it.”

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