Greg Sargent: “President Trump’s perpetual scamming of his working- and middle-class voters takes a new turn Monday, amid a war that has erupted over the fate of the Consumer Financial Protection Bureau. The battle is over who will run the agency, now that director Richard Cordray has resigned: Cordray’s choice of his deputy, who wants to carry out the bureau’s mission of protecting consumers from financial fraud, or Trump’s handpicked choice, who thinks the agency should disappear.”
“I don’t like the fact that CFPB exists,” White House budget director Mick Mulvaney has said of the agency Trump tapped him to lead.
“The agency’s founding purpose (see good explainers from Paul Krugman and Mike Konczal) was to empower a single regulator to protect financial consumers in an area where the vulnerability to fraud and chicanery — often perpetrated by large, powerful institutions — is high, due to consumers’ lack of sophistication, the opacity of fine print and the lack of recourse for victims.”
MORE: What’s behind the tug-of-war leadership fight at the CFPB (Source: CBSNews)