Goldman Sachs Subsidiary Ted Cruz Trying to Kill Consumer Financial Protections

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How does Ted Cruz celebrate the fifth anniversary of Wall Street reform and the fourth birthday of the Consumer Financial Protection Bureau?

By introducing a bill to abolish these populist pro-consumer reforms.

It’s no surprise that the Senator who has raked in over $82,000 in donations from Goldman Sachs employees and the company PAC should be beating the drum against Wall Street Reform.

But it certainly goes against his remarks on the campaign trail, where he pretends to beat the populist drum, decrying crony capitalism, claiming the Republicans aren’t merely the lapdogs of the mega-rich, and even trying to co-opt the Occupy Wall Street movement.

So basically Ted Cruz takes money from Big Finance, tries to pass laws that protect Big Finance, and then claims he’s working for the average consumer.

Like the fine print on a subprime mortgage, Ted Cruz does not have the interests of working Americans at heart. Much like a functioning government, birth control, and cancer screenings, evidently now we can add consumer protections to the Jeopardy category “things Ted Cruz wants to shut down.”

Senator Elizabeth Warren, who proposed the CFPB, sent an email about it and homegirl was not happy about the Cruz maneuver (emphasis mine):

Want proof that the Consumer Financial Protection Bureau is working? Just yesterday, the agency announced that it had ordered Citigroup to pay $700 million back to its customers for deceptive and illegal credit card fees. And it’s not just the money that’s important: Thanks to the CFPB, Citi also announced that it would no longer sell these deceptive products.

The consumer agency can’t break up the banks or end Too Big to Fail – that’s up to Congress and other agencies. But it can stop financial institutions from cheating people on mortgages, credit cards, debit cards, and other financial products. In just four years, that brand-new little agency has already returned more than $10 billion back into the pockets of American consumers. That’s government that works.

Republicans like Ted Cruz may claim – loudly and repeatedly – that they support competitive markets, but their approach to financial regulation is pure crony capitalism that helps the rich and the powerful protect and expand their wealth and their power – and leaves everyone else behind.

You said it, Senator Warren. Cruz can talk a good game, but in reality he’s just another rich Republican trying to serve his corporate oligarchs, even as he lies to convince voters otherwise.


About Author

Katherine Haenschen

Katherine Haenschen is a PhD candidate at the University of Texas, where she studies political participation on digital media. She previously managed successful candidate, issue, voter registration, and GOTV campaigns in Central Texas. She is also a fan of UCONN women's basketball and breakfast tacos.

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