{"id":1049829,"date":"2024-11-27T14:17:48","date_gmt":"2024-11-27T19:17:48","guid":{"rendered":"https:\/\/democrats.org\/?p=1049829"},"modified":"2024-11-29T11:37:42","modified_gmt":"2024-11-29T16:37:42","slug":"%f0%9f%9a%a8-consumer-financial-protection-bureau-put-17-5b-back-in-americans-pockets-now-the-trump-admin-wants-to-gut-it","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-consumer-financial-protection-bureau-put-17-5b-back-in-americans-pockets-now-the-trump-admin-wants-to-gut-it\/","title":{"rendered":"\ud83d\udea8 Consumer Financial Protection Bureau Put $17.5B Back in Americans\u2019 Pockets \u2013 Now, the Trump Admin Wants to Gut It"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to the Trump administration plotting to gut the CFPB, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cThe consumer watchdog CFPB has put billions back in the pockets of working families by taking on bad actors who try to steal from everyday families. Now, Donald Trump and the billionaires he\u2019s tapped to run his government are putting CFPB on the chopping block so they can line the pockets of their ultra-wealthy special interest backers.\u201d <\/p>\n\n\n\n

Donald Trump\u2019s administration and his allies \u2014 including his <\/strong>billionaire<\/strong><\/a> co-lead of the so-called Department of Government Efficiency Elon Musk \u2014 are plotting to undermine consumer rights by gutting the Consumer Financial Protection Bureau. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident-elect Donald Trump and Republicans in Congress are weighing vast changes to the Consumer Financial Protection Bureau, seeking to limit the powers and funding of a federal watchdog agency formed in the wake of the 2008 banking crisis. \u2026<\/strong><\/p>\n\n\n\n

\u201cOn Capitol Hill, meanwhile, Republican lawmakers have suggested they\u2019ll pursue their own legislative overhaul targeting the bureau.<\/strong> In recent weeks, they have proposed to rethink the CFPB\u2019s leadership structure, curtail its investigative powers and tweak its funding source,<\/strong> since the bureau derives its budget from the Federal Reserve in a unique arrangement meant to spare the watchdog from political wrangling and industry lobbying. \u2026<\/p>\n\n\n\n

\u201c[S]ome of Trump\u2019s former aides have taken the opposite tack, even suggesting that Congress should eliminate the CFPB. That idea is a core element of Project 2025 \u2014 the conservative blueprint for the Trump presidency prepared in part by his former advisers for the Heritage Foundation<\/strong> \u2014 which describes the bureau as \u2018highly politicized, damaging, and utterly unaccountable.\u2019<\/p>\n\n\n\n

\u201cA spokeswoman for Heritage declined to comment. Trump previously has tried to distance himself from Project 2025, though he\u2019s named several of its authors and contributors to his incoming administration.\u201d<\/p>\n\n\n\n

Elon Musk<\/a>: \u201cDelete CFPB. There are too many duplicate regulatory agencies.\u201d <\/strong><\/p>\n\n\n\n

The CFPB has helped protect consumer interests for 13 years, putting $17.5 billion back in millions of Americans\u2019 pockets. <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cHere\u2019s a look at some of the CFPB\u2019s achievements, by the numbers:<\/p>\n\n\n\n

\u201c$17.5 billion \u2013 The amount of money the CFPB has put back in Americans\u2019 pockets<\/strong> in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement and supervision work<\/p>\n\n\n\n

\u201c$4 billion <\/strong>\u2013 The amount of money CFPB has imposed in civil money penalties on companies and individuals that violate the law. This money is deposited into the victims relief fund <\/strong>which provides compensation to people who have been harmed by violations of federal consumer financial protection law<\/p>\n\n\n\n

\u201c200 million \u2013 The estimated number of consumer accounts eligible to receive financial relief from the CFPB<\/strong>\u2019s enforcement and supervision work<\/p>\n\n\n\n

\u201c$175 million<\/strong> \u2013 The amount of monetary relief<\/strong> resulting from 39 public enforcement actions that involved harm to servicemembers and veterans<\/strong>\u201d <\/p>\n\n\n\n

REMINDER: Trump has a long history of rigging the economy for the ultra-rich \u2014 including gutting critical financial protections for working Americans to benefit his billionaire friends.<\/strong><\/p>\n\n\n\n

NPR<\/a>: \u201cDuring his presidential campaign, Republican Donald Trump said he would \u2018get rid of\u2019 Dodd-Frank <\/strong>\u2014 the sweeping legislation passed in 2010 to address problems underlying the 2008-2009 financial crisis. \u2026<\/p>\n\n\n\n

\u201cNow President-elect Trump’s transition team is promising to \u2018dismantle\u2019 the complex Dodd\u2013Frank Wall Street Reform and Consumer Protection Act.\u201d<\/p>\n\n\n\n

New York Times<\/a>: \u201c\u2018Dodd-Frank is a disaster,\u2019 the president said during a 10-minute session with reporters as he signed an executive order slashing government regulations.<\/p>\n\n\n\n

\u201c\u2018We\u2019re going to be doing a big number on Dodd-Frank,\u2019 Mr. Trump said. \u2018The American dream is back.\u2019\u201d<\/p>\n\n\n\n

The Hill<\/a>: \u201c\u2018We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who can\u2019t borrow money<\/strong>. They just can\u2019t get any money because the banks just won\u2019t let them borrow, because of the rules and regulations in Dodd-Frank,\u2019 Trump said at a Friday morning meeting with CEOs from a number of companies.\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Vox<\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the Trump administration plotting to gut the CFPB, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cThe consumer watchdog CFPB has put billions back in the pockets of working families by taking on bad actors who try to steal from everyday families. Now, Donald Trump and the billionaires he\u2019s tapped […]<\/p>\n","protected":false},"author":297,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1049829","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\n\ud83d\udea8 Consumer Financial Protection Bureau Put $17.5B Back in Americans\u2019 Pockets \u2013 Now, the Trump Admin Wants to Gut It - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/\ud83d\udea8-consumer-financial-protection-bureau-put-17-5b-back-in-americans-pockets-now-the-trump-admin-wants-to-gut-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-27T19:17:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-29T16:37:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Kate Sosland\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kate Sosland\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-consumer-financial-protection-bureau-put-17-5b-back-in-americans-pockets-now-the-trump-admin-wants-to-gut-it\/\",\"url\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-consumer-financial-protection-bureau-put-17-5b-back-in-americans-pockets-now-the-trump-admin-wants-to-gut-it\/\",\"name\":\"\ud83d\udea8 Consumer Financial Protection Bureau Put $17.5B Back in Americans\u2019 Pockets \u2013 Now, the Trump Admin Wants to Gut It - 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