Who loses if Trump guts consumer watchdog?

Source: Robert Reed, Chicago Tribune (Paid Registration)

If you have a credit card, mortgage, payday loan or do any type of consumer financing, expect to be hurt by President Donald Trump’s plan to gut the Consumer Financial Protection Bureau — a controversial but effective industry watchdog.

Destroying this nearly 7-year-old agency would be dumb fiscal and public policy. It is one of the few regulatory friends that everyday banking customers have in Washington, D.C., and should be allowed to pursue its unabashedly pro-consumer mission.

But Trump is poised to toss out the current mandate in favor of a more “business-friendly” mission. If successful, his administration risks ignoring, or missing, the types of industry abuses and missteps that have often led to fiscal calamities, including the last Great Recession.

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