Republican senators start attack on U.S. consumer financial watchdogWASHINGTON (Reuters) - Republicans lawmakers are starting to put in motion plans to destroy or defang the U.S. agency intended to protect individuals from financial fraud. On Tuesday, two Texas Republicans, Senator Ted Cruz and Representative John Ratcliffe, introduced a one-page bill to kill the Consumer Financial Protection Bureau entirely.  Their move comes a few days after Representative Jed Hensarling, the chairman of the House Financial Services Committee, outlined a plan to limit the independent agency’s power and to crimp its funding via Congress’ budget process. The agency focuses on financial products such as mortgages and student loans. Next up: David Perdue, a Republican from Georgia on the Senate Banking Committee, will introduce a bill to make the CFPB more accountable to Congress by changing its funding mechanism, according to an aide. Unlike a complete elimination of the agency, which would require 60 votes, Perdue’s bill could be affixed to budget legislation that could become law with a 51-vote majority vote in the Senate. Senate Democrats, including Elizabeth Warren from Massachusetts and Sherrod Brown, the senior Democrat on the Banking Committee, have vowed to block changes they say would weaken the CFPB’s independence.  Killing the agency altogether would be a hard sell, and even some banking lobbyists have said they would be comfortable with a more restricted CFPB. The agency, which is also facing a court test, was created in the 2010 Dodd-Frank Wall Street reform law. Its sole director, currently Richard Cordray, serves a fixed term and its budget flows through the Federal Reserve without being subject to congressional review. Republicans criticizing the CFPB say it overreaches its authority, pushes unnecessary regulation on small banks and uses large fines to direct lenders’ behavior without going through proper rule-making processes. Perdue has also struck at the agency more specifically, introducing a resolution to repeal a new CFPB regulation requiring prepaid cards to disclose their terms prominently. Hensarling’s plan, which anti-CFPB lobbyists and congressional staffers are positing as a compromise, would push some CFPB powers to other agencies while making its budget subject to congressional review and its director a political appointee. Others want to see the agency become a five-member bipartisan commission. President Donald Trump, also a Republican, was elected partly on promises to lighten regulation and is expected to sign any CFPB-related legislation that reaches his desk.  politicsNews
republican senators start attack consumer financial watchdogwashington reuters republicans lawmakers starting put motion plans destroy demand agency intended protect individuals financial fraud on tuesday two texas republicans senator ted cruz representative john ratcliffe introduced bill kill consumer financial protection bureau entirely their move comes days representative red hensarling chairman house financial services committee outlined plan limit independent agency power crime funding via congress budget process the agency focuses financial products mortgages student loans next david purdue republican georgia senate banking committee introduce bill make cfb accountable congress changing funding mechanism according aide unlike complete elimination agency would require votes purdue bill could affixed budget legislation could become law majority vote senate senate democrats including elizabeth warren massachusetts sherdog brown senior democrat banking committee vowed block changes say would weaken cfb independence killing agency altogether would hard sell even banking lobbyists said would comfortable restricted cfb the agency also facing court test created wall street reform law its sole director currently richard portray serves fixed term budget flows federal reserve without subject congressional review republicans criticizing cfb say overreaches authority pushes unnecessary regulation small banks uses large fines direct lenders behavior without going proper processes purdue also struck agency specifically introducing resolution repeal new cfb regulation requiring prepaid cards disclose terms prominently hensarling plan lobbyists congressional staffers posting compromise would push cfb powers agencies making budget subject congressional review director political appointee others want see agency become bipartisan commission president donald trump also republican elected partly promises lighten regulation expected sign legislation reaches desk politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Republican senators start attack on U.S. consumer financial watchdogWASHINGTON (Reuters) - Republicans lawmakers are starting to put in motion plans to destroy or defang the U.S. agency intended to protect individuals from financial fraud. On Tuesday, two Texas Republicans, Senator Ted Cruz and Representative John Ratcliffe, introduced a one-page bill to kill the Consumer Financial Protection Bureau entirely.  Their move comes a few days after Representative Jed Hensarling, the chairman of the House Financial Services Committee, outlined a plan to limit the independent agency’s power and to crimp its funding via Congress’ budget process. The agency focuses on financial products such as mortgages and student loans. Next up: David Perdue, a Republican from Georgia on the Senate Banking Committee, will introduce a bill to make the CFPB more accountable to Congress by changing its funding mechanism, according to an aide. Unlike a complete elimination of the agency, which would require 60 votes, Perdue’s bill could be affixed to budget legislation that could become law with a 51-vote majority vote in the Senate. Senate Democrats, including Elizabeth Warren from Massachusetts and Sherrod Brown, the senior Democrat on the Banking Committee, have vowed to block changes they say would weaken the CFPB’s independence.  Killing the agency altogether would be a hard sell, and even some banking lobbyists have said they would be comfortable with a more restricted CFPB. The agency, which is also facing a court test, was created in the 2010 Dodd-Frank Wall Street reform law. Its sole director, currently Richard Cordray, serves a fixed term and its budget flows through the Federal Reserve without being subject to congressional review. Republicans criticizing the CFPB say it overreaches its authority, pushes unnecessary regulation on small banks and uses large fines to direct lenders’ behavior without going through proper rule-making processes. Perdue has also struck at the agency more specifically, introducing a resolution to repeal a new CFPB regulation requiring prepaid cards to disclose their terms prominently. Hensarling’s plan, which anti-CFPB lobbyists and congressional staffers are positing as a compromise, would push some CFPB powers to other agencies while making its budget subject to congressional review and its director a political appointee. Others want to see the agency become a five-member bipartisan commission. President Donald Trump, also a Republican, was elected partly on promises to lighten regulation and is expected to sign any CFPB-related legislation that reaches his desk.  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: republican senators start attack consumer financial watchdogwashington reuters republicans lawmakers starting put motion plans destroy demand agency intended protect individuals financial fraud on tuesday two texas republicans senator ted cruz representative john ratcliffe introduced bill kill consumer financial protection bureau entirely their move comes days representative red hensarling chairman house financial services committee outlined plan limit independent agency power crime funding via congress budget process the agency focuses financial products mortgages student loans next david purdue republican georgia senate banking committee introduce bill make cfb accountable congress changing funding mechanism according aide unlike complete elimination agency would require votes purdue bill could affixed budget legislation could become law majority vote senate senate democrats including elizabeth warren massachusetts sherdog brown senior democrat banking committee vowed block changes say would weaken cfb independence killing agency altogether would hard sell even banking lobbyists said would comfortable restricted cfb the agency also facing court test created wall street reform law its sole director currently richard portray serves fixed term budget flows federal reserve without subject congressional review republicans criticizing cfb say overreaches authority pushes unnecessary regulation small banks uses large fines direct lenders behavior without going proper processes purdue also struck agency specifically introducing resolution repeal new cfb regulation requiring prepaid cards disclose terms prominently hensarling plan lobbyists congressional staffers posting compromise would push cfb powers agencies making budget subject congressional review director political appointee others want see agency become bipartisan commission president donald trump also republican elected partly promises lighten regulation expected sign legislation reaches desk politicsnews