Rounds Introduces Legislation to Dismantle CFPB

Rounds Introduces Legislation to Dismantle CFPB

WASHINGTON – U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today announced he introduced legislation to dismantle the Consumer Financial Protection Bureau (CFPB) by eliminating its funding stream from the Federal Reserve.

“A product of the ill-advised Dodd-Frank Reform Act, the CFPB is an unaccountable regulatory agency ran by unelected bureaucrats with no oversight from Congress,” said Rounds. “No unchecked federal agency should have the power to dramatically alter the financial choices of consumers through the rules it promulgates. Dismantling the CFPB is but one step we can take to ease the regulatory burdens of Dodd-Frank, the cost of which continues to be handed down to American families. I look forward to working with my colleagues to roll back the CFPB’s power and prevent the agency from imposing any further harmful regulations.”

Rounds’ legislation amends the Consumer Financial Protection Act of 2010 to bar the transfer of funds from the Board of Governors of the Federal Reserve System to the CFPB. The bill also requires the CFPB to turn over all penalty funding and other money it has received to the Treasury of the United States. Text of the bill can be found HERE.


16 Replies to “Rounds Introduces Legislation to Dismantle CFPB”

  1. Troy Jones

    Dodd Frank is worse than the batheayer. It is sewer water injected into the mouths of the poor and middle class.

    Dodd Frank advocates hate the poor and they need to be called out.

  2. Pat Powers Post author

    Guys, spamming from proxy servers is not allowed, and I will bounce the comments and ban the IP when I catch them. Be yourself.

    And really not kidding on the proxy server thing. That’s an automatic.

  3. Pat Powers Post author

    I’m not sure why people think I’m kidding on the proxy server thing, especially when they’re coming from parts unknown.

  4. Dave R

    Senator Rounds efforts to reduce the administrative state and out-of-control bureaucracy is winning over Republican primary voters who opposed him in 2014. Keep up the good work.

    1. Anonymous

      The only thing “out-of-control” here is big banks funding Rounds’ re-election. Killing the CFPB only puts us back on the path to another Great Recession. I’m sure you’re a major player in the shady world of banking profits, so this probably won’t affect you 0.01%’ers.

      1. Anon

        Pretty sure small community banks and credit unions are pushing this as much as anyone. They got hit harder by Dodd-Frank than any of the big banks.

  5. Emoluments Clause

    The last time the Republicans controlled the White House, the US House, and the US Senate all at once was when the stock market crashed in 1929, thus commencing the “Great Depression.”

    With the repeal of CFPB, Senators such as Mr. Rounds will further prove, I am afraid, what Mark Twain once said about history rhyming….

    1. Anon

      Pretty sure the GOP controlled all 3 branches from 2002-06. You can still make the same argument if you want but at least use the right info.

      1. Emoluments Clause

        I just didn’t want to rub in the “Great Recession”…..however…… 😉
        (You kind of ruined my comeback…… Hahahahahaha)

          1. Emoluments Clause

            Gee, finally a Republican dominance that didn’t result in an economic collapse!….. The “briefly” probably had something to do with it….

    2. mhs

      Uh huh. And a bi-partisan effort of the Democratic Congress and Republican president gave us Garn-St. Germain. We all know how that one ended.

      After we re-regulated the mortgage markets post Garn-St. Germain and credit got tight, the Clinton administration and Democrats pushed hard for Fannie Mae to re-write underwriting standards to make homeownership easier. We all know how that one ended.

      And on, and on and on.

      1. Emoluments Clause

        Well, first of all, you guys need to keep this up to further prove how dangerous that de-regulation can be…..

        Garn-St. Germain gave us the Savings and Loan debacle (Thanks a lot de-regulation!), but not an total economic collapse….

        And you mentioned Fannie Mae. well, starting a car and putting it on the highway is not good enough. You also have to keep your eye on the ball, but what did the Bush43 administration do about the housing bubble? Well, nothing…..They drove blindly……

  6. Anon

    The CFPB was the creation of Elizabeth-Pocahontas-Warren who thought she would get the top job but Obama threw her under the bus and gave it to Richard Cordray instead.


    1. Emoluments Clause

      He didn’t throw her under the bus. Rather he knew that the GOP and the banking interests would never allow her confirmation… But she will have the last laugh someday when she is either the first female president or chairwoman someday of the Senate Banking Committee… You watch…….