Congressman Keith Self Introduces Bill to Eliminate CFPB Funding

Congressman Keith Self has introduced a bill to reduce the Consumer Financial Protection Bureau’s (CFPB) statutory funding cap to $0, effectively eliminating the agency by cutting off its financial resources. This legislation aligns with the Byrd Rule in the Senate, ensuring it is eligible for inclusion in a budget reconciliation package, which requires only a simple majority vote in the Senate.

Senator Ted Cruz (R-TX) is leading the companion legislation in the Senate, emphasizing the large number of conservatives who are committed to holding unaccountable federal agencies in check.

"The CFPB has long operated as an unaccountable and burdensome agency that has stifled economic growth through regulatory overreach," said Congressman Keith Self. "By eliminating its funding entirely, we are taking a principled stand for transparency and accountability, while restoring power to the American people and their elected representatives. This bill ensures taxpayers are no longer footing the bill for an agency that operates beyond the scope of constitutional checks and balances."

The CFPB, established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, currently draws its funding directly from the Federal Reserve, bypassing Congress’s power of the purse. Congressman Self’s legislation would end this practice by setting the statutory funding cap at $0, requiring the CFPB to seek appropriations from Congress if it wishes to continue its operations.

Senator Cruz said, “The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions. It is an unchecked Obama-era executive arm and the Federal Reserve should not be transferring funds to it. Enacting this legislation would save American taxpayers billions of dollars and I call on the Senate to expeditiously take it up and pass it.”

The bill’s compliance with the Byrd Rule, which restricts provisions in reconciliation bills to budget-related measures, makes it uniquely positioned for passage through the budget reconciliation process. This procedural strategy ensures the bill can avoid the 60-vote threshold typically required in the Senate.

Congressman Self continued, "Congress must ensure our government operates within the bounds of the Constitution and prioritizes the interests of hardworking Americans over unelected bureaucrats. I’m proud to work alongside Senator Cruz to make this a reality."

The legislation has already garnered significant support among House and Senate Republicans and is expected to be a key component of ongoing efforts to reduce wasteful spending and curtail federal overreach.

Read the full bill text HERE.

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