SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Sen. Elizabeth Warren (D-Mass.) founded the Consumer Protection Financial Bureau in the wake of the 2008 economic crisis. (Photo: Getty)
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 Postreports 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.
\u201cNeugebauer at CFPB would be like letting the crazed arsonist guard the henhouse. https://t.co/so7jZIDfyx\u201d— Brian Beutler (@Brian Beutler) 1484252336
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
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 Postreports 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.
\u201cNeugebauer at CFPB would be like letting the crazed arsonist guard the henhouse. https://t.co/so7jZIDfyx\u201d— Brian Beutler (@Brian Beutler) 1484252336
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 Postreports 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.
\u201cNeugebauer at CFPB would be like letting the crazed arsonist guard the henhouse. https://t.co/so7jZIDfyx\u201d— Brian Beutler (@Brian Beutler) 1484252336
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.