Trump’s Budget Seeks to Destroy Consumer Financial Protection Bureau

WASHINGTON, D.C. – Today, Allied Progress released the following statement responding to President Trump’s proposed budget that targets the funding structure of the Consumer Financial Protection Bureau (CFPB) and restricts its enforcement authority making it more difficult for the bureau to protect consumers and hold bad actors in the financial industry accountable:

It has been said that our nation’s budget is a testament to the values of its author. If that is the case, this budget is a testament to President Trump’s unequivocal contempt for consumers and his unwavering loyalty to the big banks, predatory lenders, and Wall Street special interests that the CFPB is tasked with holding accountable,” said Karl Frisch, executive director of Allied Progress.

He continued, “This underscores the conflict of interest inherent in Trump’s selection of Mick Mulvaney, the member of his administration responsible for this budget, to also run the CFPB – an independent financial regulatory agency. As CFPB “Acting Director,” Mulvaney has already forced the bureau to operate using its emergency reserve fund rather than requesting its normal budget. He is clearly working from the outside and the inside to destroy the CFPB and cripple its ability to protect consumers from financial predators.”

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