Forbes: Senator Warren Is Investigating Trump-Musk Attacks On American Consumers

Senator Elizabeth Warren, the Senate Banking, Housing, and Urban Affair Committee's top Democrat is convening a forum today to investigate the President Donald Trump-Elon Musk attack on the Consumer Financial Protection Bureau. It is thanks to Senator Warren that this important financial regulator even exists. She was instrumental in having the CFPB created as part of the Wall Street Reform and Consumer Protection Act of 2010. Since then, this independent agency has returned over $21 billion to Americans wronged by financial institutions and corporations. Yesterday, the Student Borrower Protection Center, Americans for Financial Reform, and the Consumer Federation of America (CFA) released a series of fact sheets highlighting the CFPB's significant impact on consumers nationwide.

Unfortunately, Trump was barely in the White House before he demanded that the CFPB be shuttered as part of his campaign to reduce alleged fraud and waste. While neither Trump nor Musk have produced any evidence of fraud or waste at the CFPB, they fired Rohit Chopra, CFPB’s former director. They also fired 200 CPFB professionals without cause and placed the remaining employees on indefinite administrative leave. Trump and Musk have not released a plan for how CFPB can meet its goals of protecting American consumers under such stressful conditions.

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