Trump’s War on Consumer Financial Protection Bureau Cost Consumers $19 Billion
Truthout is a vital news source and a living history of political struggle. If you think our work is valuable, support us with a donation of any size.
The Trump administration’s ongoing effort to dismantle the Consumer Financial Protection Bureau cost Americans nearly $20 billion in just a year, according to a report released Monday as Democratic lawmakers and campaigners marked the anniversary of the White House’s hostile takeover and gutting of the CFPB.
The new report was assembled by Democrats on the Senate Banking Committee led by Sen. Elizabeth Warren (D-Mass.), an architect and champion of the CFPB. Citing bureau documents, publicly available data, and federal analyses, the report estimates that the Trump administration’s mass dismissal of enforcement actions against abusive corporations, failure to distribute settlement payments, rescission of CFPB rules and guidance, and attack on the bureau’s Consumer Complaint Program have collectively cost US consumers $19 billion over the past year.
That figure, the report emphasizes, “does........
