U.S. Sen. Ted Cruz (R-Texas) introduced the “Defund the CFPB Act,” legislation that would reduce the Consumer Financial Protection Bureau’s (CFPB) statutory funding cap from the Federal Reserve to $0, effectively eliminating the agency by cutting off its funding.

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. The Defund the CFPB Act would require the bureau to seek appropriations from Congress instead.

The legislation states it would “amend the Consumer Financial Protection Act of 2010 to limit to $0 the amount that the director of the bureau of Consumer Financial Protection may request to fund the activities of the bureau.”

“The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions,” Cruz said in a release. “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 is co-sponsored by Sens. John Barrasso (R-Wyo.), Rick Scott (R-Fla.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.) and Mike Lee (R-Utah).

Texas U.S. Rep. Keith Self introduced companion legislation in the U.S. House.

“The CFPB has long operated as an unaccountable and burdensome agency that has stifled economic growth through regulatory overreach,” Self said. “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.”

In May, the U.S. Supreme Court ruled the CFPB’s funding structure is constitutional. “Congress’ statutory authorization allowing the bureau to draw money from the earnings of the Federal Reserve System to carry out the bureau’s duties satisfies the Appropriations Clause,” the official holding stated.

“This ruling upholds the fact that the CFPB’s funding structure is not novel or unusual, but in fact an essential part of the nation’s financial regulatory system, providing stability and continuity for the agencies and the system as a whole,” the CFPB said in a statement at the time.