Report: Trump’s Undermining Of CFPB Has Wall St. Racing To Avoid Consequences For Defrauding Consumers

American Bridge spokesperson Andrew Bates released the following statement after it was reported that Donald Trump’s tampering with the Consumer Financial Protection Bureau (CFPB) had touched-off a wave of new attempts by the financial industry to evade investigations and penalties for abusive practices that hurt consumers:

“Donald Trump’s economic agenda is a catastrophe for the middle class.  Just as Senate Republicans are on the verge of raising taxes on middle class families while cutting rates for the wealthy and corporations, the financial industry is already trying to take advantage of Trump’s move to gut critical consumer protections against fraud put in place after the 2008 economic crisis. Trump is doubling-down on failed Republican policies that only benefit the 1% and cheating those he pledged to help.”

The CFPB’s enforcement actions have delivered nearly $12 billion in relief for 29 million American consumers. ​

While in Congress, Mulvaney said that the CFPB should not even exist, and called the […]

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Editorial Roundup: Tax Cuts For The Rich Edition

This week editorial boards all across the country ripped into President Trump and the Republicans for their tax plan that will crush the middle class to pay for billions in tax breaks for the super rich and explode the deficit for generations to come. Additionally, Trump took his boldest step yet to undercut the Consumer Protection Financial Bureau, made a racist slur about a sitting US Senator, and was rebuked for re-tweeting hateful anti-Muslim propaganda videos.

Here’s what Americans read in their local newspapers this week:


St. Louis Post-Dispatch: Estate Tax Repeal: ‘Donald Trump In A Stretch Limo, Not A Farmer On A Tractor’

Trump’s claim about “millions” of farms and family businesses is not even close to the truth. The Tax Policy Center at the Brookings Institution found only 80 of them among the 5,500 estates subject to the tax last year. Most fortunes are amassed, […]

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American Bridge statement on Mick Mulvaney potentially leading the CFPB

American Bridge spokesperson Andrew Bates issued the following statement after it was reported that Donald Trump may appoint Office of Management and Budget Director Mick Mulvaney to be the interim director of the Consumer Financial Protection Bureau (CFPB).

​”Not one month ago, Donald Trump sided with Wall Street and predatory lenders over our nation’s veterans and middle class families by signing a bill that allows banks and other financial companies to escape full legal accountability after defrauding consumers,” said American Bridge spokesperson Andrew Bates. “Now Trump may appoint a temporary head of the agency who does not think the agency should even exist. This is yet another example of Donald Trump acting to sell out the Americans he pledged to stand up for. Like his tax efforts, this would further rig the American economy in favor of the wealthy and large corporations.”

Mulvaney has objected to the existence of the CFPB, which was […]

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Trump To Sign Pro-Wall Street, Anti-Consumer And Veteran Bill Behind Closed Doors

This afternoon – without press access and behind closed doors – Donald Trump will sign legislation dismantling the Consumer Financial Protection Bureau’s rule against forced arbitration – a practice used by Wall Street banks, credit card companies, and predatory lenders to deny Americans their full legal rights when they are victims of fraud on the part of those companies.

American Bridge spokesperson Andrew Bates responded to Trump’s signing of the bill with the following statement:

“Donald Trump is selling-out middle class families, working Americans, and veterans by signing this dangerous legislation – a key Wall Street lobbying priority – which lets banks and credit card companies evade legal accountability after defrauding their customers. And he’s doing it behind closed doors, hoping that no one will notice. Giving large, financial sector companies the ability to deprive American consumers of fundamental legal rights using fine print is the exact opposite of ‘draining the swamp’ – and it’s […]

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GOP Shutdown Sells Out Small Business

Members of Congress – both Democratic and Republican – have long touted the merits of America’s small businesses. The value of small businesses as job creators and pillars of the local community are one of the few views shared by both parties. However, Republicans are demonstrating that their affection for small businesses is not deep enough to warrant any action beyond hollow rhetoric.

With the deadline to raise the debt limit looming, Republicans have been holding the economy hostage and threatening to let the nation default unless President Obama and Democrats give in to right-wing demands. In 2011, the mere threat of default caused significant damage for small businesses and the economy; an actual default – attributable solely to Republican intransigence – would be catastrophic, rivaling the 2008 economic crisis. Yet many conservatives dismiss the potential consequences of their actions, and have convinced Speaker Boehner to follow them down this perilous path.

Although Republicans have justified their opposition to the Affordable Care Act by falsely claiming that it will hurt small businesses and kill jobs, their decision to shut down the government in a desperate attempt to stop the health care law has led to actual suffering for small businesses. The Republican shutdown has created crippling uncertainty in the form of cancelled ongoing work, delayed payments, collapsed consumer confidence, and Small Business Administration loans “in limbo.” But Republicans show no signs of concern for the small business owners they purport to defend.

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American Crossroads: “Four Years”

American Crossroads accuses Senate candidate Rep. Joe Donnelly (D-IN) of “voting for Barack Obama’s agenda,” pointing to the health care reform law and a 2009 budget vote. Contrary to the ad’s claims, however, the Affordable Care Act doesn’t “cut” Medicare, and while the budget Donnelly supported letting Bush tax cuts expire for top earners, few of those in the top brackets are actual small businesses.

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Americans for Tax Reform: “Tax Raising Politician (OH-06)”

Americans for Tax Reform targets former Ohio congressman Charlie Wilson’s (D) support for ending the Bush tax cuts for the wealthy, which the group claims will hurt small businesses and kill jobs. However, conservatives rely on a dubious definition of “small business,” and allowing the top tax bracket to return to its pre-Bush level would not affect many actual employers. In addition, ATR’s charge that phasing out the tax breaks would cause job losses is based on a flawed study that assumes the revenue will not go toward deficit reduction, which is exactly what Wilson and other Democrats have proposed.

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Americans for Tax Reform: “Wrong Prescription for New York”

Americans for Tax Reform attacks Rep. Bill Owens (D-NY) for supporting the Affordable Care Act, relying on a series of distortions about the law’s impact. In reality, the ACA does not raise taxes on most Americans, and it actually reduces the burden on many middle-class families. Moreover, the law reduces future Medicare spending without cutting seniors’ benefits, and the Senate-confirmed board responsible for finding additional savings is forbidden from cutting benefits or rationing care.

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American Crossroads: “No Slate”

Calling her an “extreme politician,” American Crossroads suggests Rep. Tammy Baldwin (D-WI) voted to raise taxes on the middle-class, citing her support for health care reform. But the Affordable Care Act does not raise taxes on most Americans and actually reduces the overall burden on the middle class. The law also reduces future Medicare spending without cutting seniors’ current benefits. Meanwhile, the rising debt in recent years has been fueled by the recession and Bush policies, such as tax breaks for the wealthy that Baldwin opposed.

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Congressional Leadership Fund: “Heartbeat”

Val Demings was an Orlando cop for decades, ending her career as Chief of Police, before deciding to run for Congress. But you wouldn’t know it from this American Action Network ad that dishonestly attacks “politician Val Demings” over the Affordable Care Act, and says that if she is elected she will raise health insurance costs. From seniors’ care to taxes, AAN’s claims about the ACA and Demings are all wrong.

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