FOR IMMEDIATE RELEASE: April 7, 2019
Salt Lake City, UT – Today, a bill which would eliminate the Consumer Financial Protection Bureau (CFPB) was reintroduced. The bill is sponsored by Senator Ted Cruz (R-TX), and co-sponsored by Senator Mike Lee, among others.
The CFPB was created after the 2008 financial crisis, and its job is to protect consumers from predatory or discriminatory financial practices by large financial institutions. By the end of 2017, the CFPB had returned nearly $12 billion to 29 million Americans.
Recently, the CFPB has been under fire for failing to do their due diligence under the leadership of Trump appointees. Additionally, enforcement actions have fallen sharply since the start of the Trump administration, under the leadership of Mick Mulvaney and Kathy Kraninger.
Chase Thomas, executive director for Alliance for a Better Utah, issued the following statement:
“As it was designed to be, the Consumer Financial Protection Bureau is an independent agency meant to protect American consumers from the risks taken by the financial industry and the politicians whose goals are aligned with protecting that industry. Senator Lee may want to return to the days before the 2008 financial crisis, but we’d rather see Utahns protected and avoid another financial meltdown.
“Seeing as how Lee doesn’t seem to care about Utah consumers, we call on the rest of our congressional delegation to fix problems with the CFPB, including the influence any given administration may have over its direction, rather than shutting it down entirely.”
Alliance for a Better Utah is a good government advocacy and watchdog organization based in Salt Lake City. The organization works to improve the lives of all Utahns by ensuring balance, transparency, and accountability in Utah politics, policy, and government. More information at www.betterutah.org.