Here they come, leftards.
Quote:Trump Is Poised to Dismantle the Consumer Financial Protection Bureau
Just hours after U.S. President Donald Trump named a labor secretary nominee seen by some union leaders and advocates as genuinely pro-worker, The Washington Post on Saturday detailed what the incoming administration and Republican Congress have planned for a federal agency designed to protect everyday Americans from corporate abuse.
Initially proposed by Sen. Elizabeth Warren (D-Mass.) while she was still a Harvard Law School professor, the Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress passed in response to the 2007-08 financial crisis.
The first Trump administration was accused of “gutting the CFPB and corrupting its mission.” However, as the Post noted, “its current Democratic leader, Rohit Chopra, has been aggressive” in his fights for consumers, working to get medical debt off credit reports and crack down on “junk fees” for everything from bank account overdrafts and credit cards to paycheck advance products — efforts that have drawn fierce challenges from the financial industry.
Aides on Trump’s transition team have started considering candidates to lead the CFPB who are expected to ease its oversight of banks, lenders, and tech giants. The early short list includes Brian Johnson, a former agency official; Keith Noreika, a banking consultant and former regulator; and Todd Zywicki, a professor at George Mason University’s law school who has previously advised the bureau, according to four people familiar with the matter.
“Of course Trumpers want to dismantle the only agency formed in decades dedicated to giving consumers a fair shake in a predatory economy,” Katrina vanden Heuvel, The Nation’s editorial director and publisher, said in response to the reporting — which came just a day after Forbes similarly previewed “big changes coming to Elizabeth Warren’s CFPB” when Trump returns.
“The number of CFPB regulatory advisories and enforcement actions will likely shrink” and “bank mergers and acquisitions could see a boost too,” Forbes highlighted. “Even more noteworthy, the CFPB’s funding structure could be at increased risk,” with some congressional Republicans considering the reconciliation process as a path to forcing changes, following the U.S. Supreme Court’s May decision that allowed the watchdog to keep drawing money from the earnings of the Federal Reserve System.
While Trump’s latest electoral success was thanks in part to winning over key numbers of working-class voters, the president-elect has spent the post-election period filling key roles in his next administration with billionaires and loyalists, fueling expectations that his return to the White House — with a Republican-controlled Congress — will largely serve ultrarich people and corporations, reminiscent of his first term.
The recent reporting on the CFPB has further solidified those expectations. In a snarky social media post, Aaron Sojourner, a labor economist and senior researcher at the W. E. Upjohn Institute for Employment Research who served on the Council of Economic Advisers (CEA) during the Trump and Obama administrations, wrote: “#priorities Bringing back junk fees.”
Joshua Smith, budget policy director for the Democrat-run Senate Budget Committee, said that “working- and middle-class people who voted for Trump did so for many reasons, but you’d be hard-pressed to find any who did so because they want higher overdraft fees.”
If you're wondering who the big fella's pick for Labor Secretary is, it's
Lori Chavez-DeRemer.
She won't last. His previous Labor Secretary Alex Acosta clung on for nearly two years. He finally got fired for being the prosecutor who Jeff Epstein off the hook. For twenty years worth of child sex offending, Alex pushed for a year in jail with weekend release. The judge was cool, so Jeff took the rap. Epstein Island was back in business, swinging.
When it came time for nominations, the big fella thought Alex should get a reward for a job well done - like on the Apprentice when a contestant won. Also, Alex knew where a few of the bodies were buried, so it helped to have him in the tent. Jeff had been a great guy to party with, the big fella observed, even if he liked his chicks a little on the young side.
The fake news finally twigged that the same Alex who let Jeff off was now Labor Secretary, so he had to go. The new one's going to owe a lot of favours. She'll be getting advice from Elon on how to fire half your workforce by email.
If anyone's going to get pushed around in the next Trump cabinet, it's a female Latino Labor Secretary. Alex Acosta had a tough enough time, and he had a dick. The new consumer watchdog's going to be a total poodle.
With all the job cuts, price hikes from inflationary tariffs and no consumer protection from random corporate fees, price gouging and greed, Trump voters are going to have their arses handed back to them.
The boys are back, leftards, and there's not a single thing you can do about it.
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The boys are back in town (Read 260 times)
