PrintMost of the media seem to think their job is protecting the status quo
Most of the media is working very hard to destroy Trump's nominations for cabinet no matter how much fake dirt they have to dig up.
Opinion - Elon Musk wants to ‘delete’ many Americans’ financial lifeline
On Nov. 27, Elon Musk — who, along with Vivek Ramaswamy, has been tasked by President-Elect Trump with running a new Department of Government Efficiency — posted on his platform X that he wants to “Delete CFPB,” referring to the Consumer Financial Protection Bureau. The agency, Musk said, was part of a problem of “too many duplicative regulatory agencies” in Washington. But there are no other agencies in the federal government returning money to Americans’ bank accounts in the way the CFPB does.
Since its founding, the agency has returned more than $19 billion in cash to people who have been scammed by financial institutions, including predatory payday lenders and even some of the largest banks in the country.
The CFPB is just another regulator, nothing more. Banks were already regulated by the FDIC, the Federal Reserve, and state regulators prior to Congress setting up this new regulator in 2011.
CFPB is the brainchild of Elizabeth Warren. It is just a fiefdom of bureaucrats. Its budget is not even approved by Congress. It is funded by the Federal Reserve, which is currently losing hundreds of billions each year. But the bureaucrats at CFPB don't have to worry about their paychecks. They are very highly paid.
The CFPB is not responsible for setting up any bank, credit union or savings and loan, so it is absolutely not a financial lifeline for anyone, contrary to what the piece in the Hill says.
In fact, every regulation that they or other regulators implements puts pressure on banks, especially on small- and medium-sized banks. Instead of working to provide reasonably priced loans and accounts to customers, they have to spend huge amounts on compliance to please bureaucrats.
According to Google AI, in 2011, the year CFPB started, there were 6,275 banks and now there are only 4,577 banks, a reduction of nearly 30%. Big banks are growing and small- and medium-sized banks are disappearing.
There is no evidence CFPB is giving people more choice.
As far as the $19 billion that CFPB has recovered for consumers, other regulators could have done that if the banks were screwing customers.
Maybe The Hill could have asked how much money was siphoned off for CFPB itself or given as kickbacks to political supporters from their corrupt slush fund.
In another example of how the Bureau’s unconstitutional structure and lack of oversight corrupts its mission, it appears the CFPB has abused its power to penalize lawbreakers to establish a fund it has used for political purposes.
The CFPB and Democrats are bragging that they are dictatorially reducing overdraft fees which they pretend helps everybody. That is a lie. It helps the few who abuse their accounts but will take away options of poor and middle class people to get free accounts:
Summary: the CFPB is just a duplicative fiefdom of bureaucrats issuing regulations to control the private sector. It should be eliminated becuase it never should have been created in the first place. It has reduced choices and competition. It is a shame that most of the media and other Democrats seem to think the government is the solution to everything and the private sector and profits are bad.
Democrats pretend they support the little guy but their policies destroy the little guys and help the big guys.
On a side note: While all Democrats and some Republicans were willing to shut down the government instead of raising the debt ceiling like Trump wanted, Janet Yellen remained quiet.
She kept her mouth shut even though she knew the debt ceiling would be hit in a few weeks, even before Trump takes office.
Biden and Democrats have been shoveling money out as fast as they can after Trump won, yet Yellen has been silent.
Yellen has been as worthless and dangerous as Treasury secretary as Biden has been as president. The DEI cabinet all kept their jobs no matter how incompetent they have been.
Image: government agency logo // public domain
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