Trump is systematically backing off consumer protections, to the delight of corporations
Source: WaPo
By Renae Merle and Tracy Jan March 6 at 10:00 AM
President Trump and the regulators he appointed are taking a far less aggressive approach to consumer protection than their predecessors, delaying key regulations and imposing fewer penalties against financial institutions and other corporations accused of wrongdoing, according to a Washington Post review of available data and interviews with consumer advocates and government officials.
At the Consumer Financial Protection Bureau, for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the agency in late November.
And the Department of Education has withdrawn Obama-era regulations meant to strengthen protections for student borrowers.
The new approach welcomed by banks and business leaders has alarmed consumer advocates who fear it gives an advantage to Wall Street and other powerful industries while leaving ordinary Americans more susceptible to fraud, discrimination and predatory lending.
Read more: https://www.washingtonpost.com/business/economy/a-year-of-rolling-back-consumer-protections/2018/03/05/e11713ca-0d05-11e8-95a5-c396801049ef_story.html?utm_term=.827e5d8fb5a2
This comes as no surprise.
Maxheader
(4,366 posts)for shoddy, dangerous product in stores everywhere..
underwriter laboratory safety standards? meh..
cheetoz hasn't a clue what goes into those.
jmowreader
(50,451 posts)No government agency tests for electrical safety. Both UL and the agency that writes the National Electrical Code are private. The advantage is those organizations are funded by the insurance industry, whose ulterior motive is to not pay claims. If they were funded by the wiring industry, things would be much different.
TranssexualKaren
(364 posts)When consumers lose confidence in the financial products theyre selling, then theyll stop buying them.
Wellstone ruled
(34,661 posts)for their Mega Contributions.
LastLiberal in PalmSprings
(12,539 posts)Make Americans Grovel Again