President Trump is cutting back more Obama-era regulations by limiting the powers of the Consumer Finance Protection Bureau (CFPB).
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Four-time presidential candidate Ralph Nader told FOX Business’ David Asman the Consumer Finance Protection Bureau has been a real success story and can’t be called a rogue operation.
“Its return $13 billion stolen from financial consumers already, its studios, it’s right inside the Federal Reserve and it has oversight by a committee that’s heavily corporate,” Nader said.
The U.S. Treasury Department will reportedly recommend a restructuring of the bureau and calls for the reassessment of banking rules. In October 2016, a federal appeals court ruled the consumer watchdog’s independent structure, led by Director Richard Cordray, was unconstitutional.
Nader defended Cordray’s strategy as a means to go against what he calls are “business rogues” who are recklessly speculating against other people’s money.
“He’s [Cordray] dealing with a corporate crime wave, law and order. The sheriff finally coming to town to deal with these reckless financial organizations like the Wells Fargo racket,” he said.
The consumer advocate said the court’s claims that the CFPB director can dictate what sanctions to impose on businesses are authorities given to Cordray by Congress.
“Both Republicans and Democrats in Congress created this law and order organization to deal with Wall Street’s crimes,” Nader said.