The Consumer Financial Protection Bureau just celebrated its sixth anniversary, but the Trump administration decided to start the process of killing it last week by seeking to nullify the agency’s progress regarding an arbitration rule.
As part of Trump’s endless crusade of deregulation, the CFPB will likely end up on the cutting floor, mainly because it’s championed by democrats and because it works. And it works well:
“The question is, why has [the CFPB] drawn so much fire from the Republicans in Washington?” asked CFPB founder Massachusetts Senator Elizabeth Warren at a press conference Tuesday with House Minority Leader Nancy Pelosi (D-CA). “Why is it that the banks and the financial services industry [are] after it day after day after day? I’ll tell you the answer. It’s because it works.”
The CFPB “has provided needed oversight to mortgages, credit cards, student loans and other financial products,” explained Ken Blackledge, a produce farmer and independent voter from Central Iowa. His letter to the editor published in the Des Moines Register on July 25 seeks to emphasize the bipartisan importance of Warren’s agency on the heels of pivotal Dodd Frank reform.
“That little agency has forced the biggest financial institutions in this country to return nearly $12 billion directly to families they cheated,” Warren stated. “It’s handled more than a million complaints. It’s done tough oversight and enforcement, and it’s come out with regulations that—piece at a time—are beginning to level the playing field between giant financial institutions on one hand and American families on the other.”
Why do Republicans want to get rid of anything and everything that is good and helpful for working Americans? Why are they so greedy and in bed with big business, banks, and corporations? And why do they keep getting elected in majorities? It’s time to stop voting against your own interests, Americans.