While many Republicans are struggling with their proposals todecrease the CFPB's powers, two lawmakers have a simplesolution—abolish the agency.

This week, Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe(R-Texas) introduced a one sentence bill that would close theagency.

“The legislation that Rep. Ratcliffe and I are introducing todaygives Congress the opportunity to free consumers and smallbusinesses from the CFPB's regulatory blockades and financialactivism, which stunt economic growth,” Cruz said, in introducingthe legislation.

“The CFPB's lack of accountability to the American people wasquickly evidenced when – contrary to its name – it ended up hurtingmany of the very folks it was intended to help,” Ratcliffesaid.

House Republicans have been going back and forth on how to dealwith the CFPB.

House Financial Services Chairman Jeb Hensarling (R-Texas) lastyear introduced legislation that would have converted the CFPB intoa five-member commission rather than an agency governed by a singledirector.

Hensarling has not reintroduced his Dodd-Frank overhaul bill yetthis year. However, an outline of changes he is contemplating wouldmaintain the agency's current structure, with greatly diminishedpowers.

Democrats, including House Financial Services ranking DemocratMaxine Waters (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) havevowed to fight any efforts to weaken the CFPB.