The White House released a study aiming to undermine the work of the Consumer Financial Protection Bureau.
The CFPB was created in 2011, in the wake of the near complete destruction world's economy by unscrupulous banks and other financial institutions.
Under an unregulated financial industry, households in the United States lost $19 trillion in wealth, and the United States lost between $4 trillion and $11 trillion in economic output. Whereas, the Trump administration is complaining that the CFPB has cost the government $12 billion in the last fifteen years. The paper complains about paperwork and the costs of paperwork, and adds up some pretty large-sounding numbers. The paper does not address the need to rein in the organizations that have continually worked against American interests and which created the financial crisis that ruined the lives of millions of Americans and almost brought down the entire world.
I am in favor of reducing bureaucracy, but I am not in favor of ignoring history and resurrecting a beast just because we don't want to maintain the fence.
https://www.whitehouse.gov/research/2026/02/estimating-the-cost-of-the-consumer-financial-protection-bureau-to-consumers/
Comments
Post a Comment