WSJ: Trump Transition Team Considering Killing CFPB

by Jeff Sovern

The Journal's editorial, behind a paywall, is here.  Excerpt:

By all rights the [Consumer Financial Protection] bureau should be killed, and we’re told the Trump transition team is considering this and other options. The political problem is that killing the bureau would probably require 60 Senate votes, and Democrats would be able to portray themselves as defending “consumer protection,” which sounds better than it has turned out. * * *

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Mr. Trump should dismiss Mr. Cordray on his first day as President . . . .

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These abuses can be eliminated with a new director, but Congress should move to restrain the bureau further. One idea would be to put it under the Treasury, like the IRS and Comptroller of the Currency, to make it more accountable to elected officials. It’s also crucial to make the agency subject to annual discretionary appropriations so it must compete with other priorities. * * *

The editorial never mentions that the Bureau has obtained $11.7 billion in relief for more than 27 million consumers, or the CFPB's role in connection with the unauthorized Wells Fargo accounts, or the many other positive things the Bureau has done. 


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