President Trump’s first federal budget proposal got a lot of grief over the past week from both Republicans – some of whom say it’s “dead on arrival” – and Democrats – some of whom claim it’s actually going to kill people. But one small part of the plan got relatively little notice, maybe because it was on the next-to-last page of the document. That was the huge cuts proposed for the Consumer Financial Protection Bureau (CFPB), essentially abolishing it in a few years.
The Trump proposal would cut the agency’s budget by $145 million in 2018, a one-year reduction of more than 20%, with the cuts increasing to more than $700 million by 2021, when it would essentially be defunded.
I think that would be a terrible mistake. For those of you who disagree, I have two words for you: Wells Fargo (WFC). Continue reading "We Need To Keep The CFPB"