Poor Wall Street folks, they have it so tough that the President of the United States and Mick Mulvaney have to come to their rescue. Never mind that the “devastated” financial sector raked in a record $159 billion in profits last year and stock prices keep climbing.
Even though at first glance it seems like a small bureaucratic tussle, the fight over who actually leads the Consumer Financial Protection Bureau has a big impact. Is this agency going to look out for consumers and protect them from unscrupulous banks, or are we going to loosen the reigns on the businesses who nearly caused another great depression?
The CFPB has brought $12 billion back to consumers in the form of refunds or canceled debts, the Trump crew aims to change that. Mick Mulvaney advocated eliminating the CFPB, but he’s just one of many Trump appointees who oversee the very agencies they seek to destroy. Even though Bannon is in the wings, the “deconstruction” is under way.