DearColleague.us

Letter

 

From: The Honorable John Ratcliffe
Sent By:
ebbie.yazdani@mail.house.gov

Bill: H.R. 1031
Date: 2/28/2017

Cosponsor the Repeal CFPB Act of 2017

Supported By: FreedomWorks

Current Cosponsors: Mark Walker, Tom Rice, Gary Palmer, Justin Amash, Louie Gohmert, Andy Biggs, Phil Roe, Bruce Westerman, Will Hurd, Scott Perry, John Duncan, Richard Hudson, Steve King, Don Young, Joe Wilson, Ken Buck, John Culberson,
Ron DeSantis, Kevin Cramer, Bill Flores, Dave Brat, Blake Farenthold, Jeff Duncan

Dear Colleague:

Please join me as a co-sponsor of the Repeal CFPB Act of 2017 – a simple, one paragraph bill that repeals Title X of Dodd-Frank, which created the Consumer Financial Protection Bureau (CFPB), and reverts all supervisory, enforcement, and rulemaking
authorities back to the seven agencies previously tasked with such duties. This bill would not eliminate any regulatory, supervisory, enforcement, or rulemaking authorities that existed prior to enactment of Dodd-Frank.

Since it was established in 2011, this agency has been the least accountable regulatory agency in the federal government. The CFPB is not accountable to Congress, as Congress has no ability to protect against CFPB overreach through the appropriations process.
In effect, the CFPB is its own independent fiefdom. It continues to impose burdensome regulations on small businesses and the American people by fiat and circumvent the system of checks and balances established by our Founding Fathers.

Like you, I have heard concerns from numerous constituents across my district about the ambiguous rulemaking and regulatory authority of this agency. I have heard from small businesses forced to spend more time on unnecessary regulatory compliance paperwork
than helping serve their customers and community financial institutions that have stopped providing certain basic financial services out of fear of retaliation from the CFPB.

Fortunately, with an incoming Administration that is focused on getting our economy moving again, we will have a willing partner in restoring accountability to our financial regulatory system. Join me in offering this legislation – a common sense, conservative
step toward a more accountable and rational regulatory system to truly protect American consumers. If you have any questions or would like to cosponsor, please contact Ebbie Yazdani (ebbie.yazdani@mail.house.gov).

 

Sincerely,

 

John Ratcliffe

Member of Congress