Trump Will Gut Warrens' CFPB If Elected

A second Trump White House would seek to sharply reduce the power of U.S. financial regulators, according to a review of public documents and interviews with people allied with the former president.

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In the wake of the worst economic crisis since the Great Depression, Congress dramatically expanded the U.S. government's oversight of the financial industry to prevent a repeat of the 2008 global banking meltdown.

Donald Trump would likely renew his efforts to scale back those reforms, if elected, as well as pare protections for small-scale investors and borrowers, and allow companies to raise money with less scrutiny, according to the interviews and proposals from groups positioned to influence a new conservative administration. Reuters spoke with, among others, about a dozen people who have provided advice or been consulted by Trump or his allies.

Ed Morrissey

The CFPB hasn't done anything for consumers that other regulatory agencies didn't already cover. And it seems they spend more of their time discriminating and harassing their workers than doing anything beneficial. The CFPB is just one node of an overreaching regulatory state that has to be severely pruned if not uprooted entirely. Congress should be creating laws, not unelected and unaccountable bureaucrats.

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