Petition to the Senate:
The Consumer Financial Protection Bureau has been vital in guarding the American people against Wall Street abuses. We can’t afford to lose that now to a director who doesn’t share in the vision or the aims of the agency. The Consumer Protection Bureau can’t work without a real Wall Street watchdog at its helm. We urge you to speak out publicly against Trump nominating any Wall Street insider to run the Consumer Protection Bureau.
Sen. Elizabeth Warren’s Consumer Financial Protection Bureau stands up against big Wall Street banks who prey on everyday working people so they can pad their profit margins.
They do great work, but now that Rich Cordray is stepping down as director, Trump will get to nominate the Consumer Protection Bureau’s director. Imagine how quickly a hand-picked Trump goon could de-fang it. Now imagine what that will mean for the millions of Americans who live paycheck-to-paycheck or have any kind of outstanding loan.
Tell the Senate: A toothless Consumer Protection Bureau is too dangerous for everyday working people. Protect the Consumer Protection Bureau.
The Consumer Protection Bureau is a new agency, born out of the Great Recession of 2008. But they’ve already gone a long way in holding Wall Street accountable. They’ve forced big Wall Street financial institutions to pay back $12 billion to the consumers they swindled and put safeguards in place to prevent predatory lending.1
But Trump could stop all that in its tracks. We’ve already seen what his administration has done in other agencies: from installing a Big Industry pro-polluter to muzzle climate scientists at the EPA, to picking anti-civil rights extremist Jeff Sessions to run the Department of Justice.
It’s rumored that he’s considering either Mick Mulvaney, who called the Consumer Protection Bureau a “sick, sad joke,” or Treasury Secretary Steve Mnuchin, who profited millions of dollars from the home foreclosure crisis, to serve as interim director.2
Tell the Senate: Protect the Consumer Protection Bureau.
Trump single-handedly picked Goldman Sachs bankers to steer his economic policy agenda, now he could let them gut the one agency holding them and the rest of Wall Street in check.
Everything Senator Elizabeth Warren worked so hard to create could go up in smoke – just like that – leaving homeowners and working people vulnerable to greedy Wall Street schemes.
Tell the Senate: We need a real Wall Street watchdog as the Consumer Protection Bureau’s director.
Sources:
1. NBC News, “Without Cordray at the helm, consumer watchdogs worry CFPB could be set adrift,” November 17, 2017.
2. Mortgage Professional America, “Trump eyeing Mulvaney as temporary CFPB director,” November 20, 2017.