The Consumer Financial Protection Bureau was created in the aftermath of the Great Recession to safeguard the American people from financial hucksters. But under the Trump administration the agency is doing the exact opposite — protecting predatory lenders at the expense of consumers.
Earlier this month, the CFPB began rolling back Obama-era rules intended to crackdown on high-interest, short-term loans. The Trump administration has also asked payday lenders for “constructive feedback” on how the bureau can better serve the industry’s needs.
A new mission statement on the bureau’s website reads: “The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations.”
The Trump administration will stop at nothing to put the interests of corporations and Wall Street ahead of the American people. Trump’s economic agenda has nothing with to do with protecting the middle-class and working families, and everything to do with making the rich even richer. What do you think?
Trump and the other American oligarchs are celebrating the rampaging bull of Wall Street. The stock market is soaring in anticipating of even bigger corporate profits to come – because of Trump’s giant corporate tax cut and his slashing of environmental, consumer, labor, and health and safety regulations. The oligarchs are raking in most of the benefits. Most Americans don’t own any shares of stock.
Meanwhile, 1 out of 5 American kids are in poverty. Public schools are decaying. Our infrastructure is crumbling. The environment is worsening. Most workers haven’t had a raise in 35 years; they have no job security and no unemployment benefits. 22 million Americans have no health coverage, and because of the new tax law 13 million more will lose coverage.
But the profits will stop, because there won’t be enough people with enough money to buy all the goods and services corporations can produce. And when the music stops, the stock market will crash. And what will the oligarchs do then?