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Trump Considering GOP Lawmaker Who Despises Consumer Watchdog To Head It
If appointed, Neugebauer would be the latest pick that contradicts Trump's populist campaign rhetoric and promises to drain the swamp
Jan 12, 2017
President-elect Donald Trump is getting closer to debilitating the Consumer Financial Protection Bureau (CFPB), the watchdog agency founded by Sen. Elizabeth Warren (D-Mass.) that many warned could be an early target for the incoming administration.
Trump on Wednesday met with former Rep. Randy Neugebauer (R-Texas), who the Huffington Post reports is a front-runner to take over the agency if the president-elect decides to fire its current chief, Richard Cordray.
Like many of Trump's other picks for agency chiefs, Neugebauer has a track record of opposing the department. While in Congress, he opposed the CFPB on numerous rules, including the first-ever federal crackdown on payday lenders, and introduced a bill to weaken the agency.
Warren, who is known as a financial watchdog on Capitol Hill, called for the CFPB to be created in 2010 as part of a federal response to the 2008 economic crisis. As HuffPost notes, under Cordray, the agency has been able to return "$12 billion to 27 million people caught up in various scams, passed pro-consumer rules on issues like mandatory arbitration and mortgage disclosure, and hit banks for conning customers into paying for expensive add-on products that don't do much."
CFPB was also central in the investigation into Wells Fargo's checking and credit card fraud scandal last year.
If appointed, Neugebauer would be the latest pick that contradicts Trump's populist campaign rhetoric and promises to drain the swamp--which was not lost to observers.
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
President-elect Donald Trump is getting closer to debilitating the Consumer Financial Protection Bureau (CFPB), the watchdog agency founded by Sen. Elizabeth Warren (D-Mass.) that many warned could be an early target for the incoming administration.
Trump on Wednesday met with former Rep. Randy Neugebauer (R-Texas), who the Huffington Post reports is a front-runner to take over the agency if the president-elect decides to fire its current chief, Richard Cordray.
Like many of Trump's other picks for agency chiefs, Neugebauer has a track record of opposing the department. While in Congress, he opposed the CFPB on numerous rules, including the first-ever federal crackdown on payday lenders, and introduced a bill to weaken the agency.
Warren, who is known as a financial watchdog on Capitol Hill, called for the CFPB to be created in 2010 as part of a federal response to the 2008 economic crisis. As HuffPost notes, under Cordray, the agency has been able to return "$12 billion to 27 million people caught up in various scams, passed pro-consumer rules on issues like mandatory arbitration and mortgage disclosure, and hit banks for conning customers into paying for expensive add-on products that don't do much."
CFPB was also central in the investigation into Wells Fargo's checking and credit card fraud scandal last year.
If appointed, Neugebauer would be the latest pick that contradicts Trump's populist campaign rhetoric and promises to drain the swamp--which was not lost to observers.
Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
President-elect Donald Trump is getting closer to debilitating the Consumer Financial Protection Bureau (CFPB), the watchdog agency founded by Sen. Elizabeth Warren (D-Mass.) that many warned could be an early target for the incoming administration.
Trump on Wednesday met with former Rep. Randy Neugebauer (R-Texas), who the Huffington Post reports is a front-runner to take over the agency if the president-elect decides to fire its current chief, Richard Cordray.
Like many of Trump's other picks for agency chiefs, Neugebauer has a track record of opposing the department. While in Congress, he opposed the CFPB on numerous rules, including the first-ever federal crackdown on payday lenders, and introduced a bill to weaken the agency.
Warren, who is known as a financial watchdog on Capitol Hill, called for the CFPB to be created in 2010 as part of a federal response to the 2008 economic crisis. As HuffPost notes, under Cordray, the agency has been able to return "$12 billion to 27 million people caught up in various scams, passed pro-consumer rules on issues like mandatory arbitration and mortgage disclosure, and hit banks for conning customers into paying for expensive add-on products that don't do much."
CFPB was also central in the investigation into Wells Fargo's checking and credit card fraud scandal last year.
If appointed, Neugebauer would be the latest pick that contradicts Trump's populist campaign rhetoric and promises to drain the swamp--which was not lost to observers.
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