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 agency a “sick, sad” “joke.” During that time, Mulvaney also accepted $683,973 in campaign contributions from the financial sector, which the CFPB has regulatory powers over.
Corporate Counsel: Companies Plot New Approaches to CFPB as Trump’s Team Takes Control