The Foundation for Government Accountability (FGA) has expressed support for Senator Ted Cruz’s introduction of the Defund the CFPB Act. This proposed legislation aims to terminate the Consumer Finance Protection Bureau’s (CFPB) funding mechanism from the Federal Reserve, which operates independently of congressional oversight.
The FGA has actively participated in legal challenges against the CFPB’s current funding structure, arguing that it contravenes the appropriations clause by bypassing Congress. The bill introduced by Senator Cruz seeks to halt any future funding requests from the CFPB, aiming to ensure that unelected officials cannot implement their agenda without legislative approval.
Tarren Bragdon, President and CEO of FGA, stated, “The CFPB’s rogue spending and enforcement habits represent an unconstitutional overreach that defies the separation of powers and violates Congress’s appropriations mandate. The immense, unchecked power CFPB wields threatens basic free-market principles and erodes individual liberty.” He emphasized the need for Congress to reclaim its authority to maintain limited government and control spending.
Bragdon further commented on the significance of the legislation: “The Defund the CFPB Act is essential to restoring accountability, safeguarding our Constitution, and protecting the freedoms of American citizens.”
The Foundation for Government Accountability is a non-profit organization focused on promoting public policy solutions across multiple states. It aims to provide opportunities for Americans to achieve economic success through policies that encourage entrepreneurship and personal responsibility.
