Commentary

Editorials agree: Trump’s seizure of consumer protection agency is dreadful news

As reported in this week’s edition of the Weekly Briefing, the Trump administration is doing its worst to ruin one of the best public agencies in Washington — the Consumer Financial Protection Bureau. Not surprisingly, the plan is meeting with widespread derision. Lead editorials in today’s Greensboro News & Record and Raleigh’s News & Observer explain.

Here’s the N&R:

“This is part of a pattern. This administration has tried to push more Americans off health care, offer huge tax breaks for the wealthy at the expense of Medicare and other safety-net programs, deny overtime to middle-class workers and allow financial institutions to insert fine print into contracts barring consumers from filing lawsuits if they have a grievance.

No one has said the Dodd-Frank bill couldn’t be improved, especially in regard to its regulation of small banks. But big financial institutions don’t need the government’s protection from average Americans.

These are the actions of an administration that sides with the powerful over the weak. The Consumer Financial Protection Bureau was created because the powerful didn’t need help, but ordinary Americans did. That is still true today.”

And here’s the N&O:

“That is horrendous, because in the wake of the financial collapse of 2008 and thereafter, this agency was one with promise, a sign that President Obama understood that consumers needed protection from the vultures in the financial industry. And the Wells Fargo accounts scandal, coming years after the Great Recession, was strong evidence as to the good work of which the CFPB was capable.

Trump has populated the financial regulation part of his bureaucracy with millionaires who are looking to protect other millionaires but not anyone else.

And without action from the courts standing up for the independence of this valuable watchdog, it appears that’s exactly what’s going to happen.”

Stand by. More condemnations of this brazen act are sure to follow.

Check Also

This Week’s Top Five on NC Policy Watch

1. Free speech policy, controversial conservative academic on ...

Top Stories from NCPW

  • News
  • Commentary

The UNC Board of Governors is holding its last meeting of 2017 Friday, where the latest of its many [...]

Just south of Candler off the Pisgah Highway is a lovely piece of property on Little Piney Mountain [...]

Veteran North Carolina education policy expert Kris Nordstrom has authored a new and vitally importa [...]

When Joni Robbins, a section chief in the N.C. Department of Public Instruction, closes bidding next [...]

“All speech is free, but some speech is more free than others.” This seems to be the motto of the cu [...]

Trumpists prepare to raze another vital common good law It’s hard to keep up these days with the flo [...]

The post That’s how ‘Humbug’ is done appeared first on NC Policy Watch. [...]

The solid citizens of Johnston County, N.C. – in a fateful quirk of geography – for several years ha [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more