U.S. Rep. Keith Self Proudly Serving Texa's 3rd District | Twitter Website
Congressman Keith Self is advocating for the inclusion of H.R. 814, known as the Defund the CFPB Act, in an upcoming reconciliation package. This bill aims to permanently prevent the Consumer Financial Protection Bureau (CFPB) from accessing funds from the Federal Reserve, effectively removing its financial independence.
H.R. 814 proposes an amendment to the Consumer Financial Protection Act of 2010 by setting a $0 statutory withdraw limit for CFPB funding, which would significantly limit its operations. The bill has received backing from co-sponsors such as Representatives Randy Weber, Byron Donalds, Glenn Grothman, Tom Tiffany, and August Pfluger. In addition, Senator Ted Cruz has introduced it in the Senate.
This legislative effort coincides with actions taken by the Trump Administration to dismantle the CFPB. Acting CFPB Director and Office of Management and Budget Director Russell Vought has instructed the agency to stop all supervisory and examination activities, halted new funding requests from the Federal Reserve, and temporarily closed its headquarters.
Moreover, Treasury Secretary Scott Bessent has directed the suspension of further legal actions and rulemaking processes by the CFPB as part of a broader strategy towards dissolving the agency.
Congressman Self underscored H.R. 814's importance by stating: “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. 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.”
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