This morning, the Trump Administration’s Treasury Department issued a paper echoing deceptive talking points regularly used by Wall Street lobbyists and the banking industry in attacking common-sense efforts by the Consumer Financial Protection Bureau (CFPB) to protect Americans abused by big banks. The CFPB is trying to the end the practice of “forced arbitration,” which denies millions of hardworking Americans access to their full legal rights after being defrauded.
American Bridge spokesperson Andrew Bates responded with the following statement:
“Nothing undermines ‘draining the swamp’ more than Donald Trump’s Treasury Department — run by a former Goldman Sachs executive — joining forces with Wall Street’s top lobbyists to fight the Consumer Financial Protection Bureau’s new effort to protect Americans from corrupt practices. Just ask the 3.5 million Americans defrauded by Wells Fargo. Like Trump’s tax plan, this is about rigging the U.S. economy in favor of powerful interest groups and the wealthy against the American middle class. Trump is selling-out the hardworking people he promised to champion.”
The Trump Administration, as well as Republicans in Congress, are working to eliminate the CFPB’s rule protects customers from forced arbitration at the same time that they are also trying to dismantle key Wall Street reforms put in place after 2008 to prevent another financial crisis.is.