By Joan McCarter
Thursday Nov 17, 2016 · 4:07 PM EST
Always looking out for Wall Street, while conning Main Street into believing their populist lies, Republicans are now going to be able to achieve one of their goals: completely defanging the Consumer Financial Protection Bureau.
The transition team's stated goal is a stark one: "To dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation."
Republicans have long attacked Dodd-Frank and a central component, the Consumer Financial Protection Bureau. The CFPB vastly expanded regulators' ability to police consumer products — from mortgages to credit cards to student loans. Critics say Dodd-Frank and the CFPB went too far to hinder banks from making loans that people and businesses need to spend and hire.
The only hinderance banks have had under the CFPB is the existence of a watchdog that might catch them in their effort to defraud customers. But no dollar earned by Wall Street and their ilk is tainted by fraud, as far as Republicans are concerned. That's just business. Business that they feel compelled to protect.
So expect the CFPB to undergo a massive alteration—no longer will it be an independent agency, it's going to become a toothless commission which is under Congress's control. It's working too well, you see. It's returned billions of dollars to consumers who were scammed and cheated. So clearly that can't continue.
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