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By Evan Weinberger The U.S. Department of Justice on Wednesday said it is set to end a controversial Obama-era program that sought to cut off scammers from the U.S. financial system but, critics say, ended up targeting payday lenders, gun shops and other businesses that were out of favor with the previous administration. Assistant Attorney General…
Liberal activists said that the Democratic boycott was necessary and far from unprecedented. One such group, Allied Progress, noted that Republicans engaged in a similar action against Gina McCarthy, Obama’s second nominee to lead the Environmental Protection Agency.
Liberal groups that oppose the new administration and its plans for potentially weakening Wall Street regulations were less sanguine about Mnuchin’s statements on Volcker. Any move to provide more definition to Volcker may be a way to make it less effective, said Karl Frisch, the executive director of Allied Progress. “I think it’s a way to help banks get around it,” he said.