The country’s banking watchdog is told to stop activities. This Bureau was set up to stop another 2008 financial crises and stop banks from cheating consumers, etc. hopefully this doesn’t lead to another financial meltdown in a few years - after Trump is out of office. “installed Consumer Financial Protection Bureau chief Russell Vought ordered staff to halt all of their supervisory efforts, ramping up the administration’s attempt to revoke the financial regulator’s authority. issued a notice to staff on Saturday demanding they “cease all supervision and examination activity, Vought’s moves, on his first full day in control of the agency, could defang the financial regulator,“ https://www.wsj.com/finance/regulat...1ac9f?st=Axje1W&reflink=article_copyURL_share
This should really help the common people of America. Sorry, I meant the uber rich and any banks/corporations which would engage in financial fraud. Weird that this is being done by the administration of a convicted felon who's been found to have engaged in fraud innumerable times?
Remember when all the Trump supporters said Project 2025 was just a Dem Boogeyman? And then the man behind it, Russell Vought, just got confirmed and now they're dismantling all the oversight.
Good point. It's exactly what we should expect from a convicted felon who has a history of fraud and bilking small customers and/or investors.
So the organization that has helped consumers fight back against scammers and businesses that commit fraudulent practices are told to stop helping consumers. Weird
Current reality of spam calls: “sir, can I interest you in an extended car warranty”. Post Trump reality of spam calls: “sir, can I interest you in FDIC bank account insurance”.
It's actually not weird, no one should be surprised that Trump, Vought and Musk would be doing their best to enable the perpetrators of financial fraud rather than to protect the victims of fraud and they started by eliminating an agency created to do so.
Well...we just believed the fact checkers. Project 2025 is from Heritage Foundation, not Trump | Fact check
Don't forget the bankers who've been sucking up for months and buying up lots of Bribe. . . er, Trump Coin. Not that it makes that much of a difference anyway. Who do you think staffs and writes the rules for these agencies?
Also LOL at anyone that is willing to trust banks over the federal government. If it wasn't for the federal government, most of the banks in this country would have been belly up after 2008. But this is actually an old argument - I remember getting my MBA, oh 20 years ago or so, and I remember when my weekend class (which was filled with working professionals) literally BOO'd (not joking, loud boos) the faculty member that was lecturing on the need for consumer protections, especially on the elderly in Florida who were being preyed upon by unscrupulous insurance companies at the time. The basic mindset of many in the broader business world is only caring about making money - and from that, if an individual is fooled by deceptive sales tactics, that's on them for being stupid, and that the federal government shouldn't step in to protect people from deceptive business practices. It's all about individual responsibility. Of course, they value individual responsibility because the average American is an idiot, especially when it comes to insurance and finance, which therefore makes them easy targets for making a quick buck. Anyways - this one doesn't surprise me much. This is an old school republican pro-business idea.
Why does he hate the elderly so much? I feel sorry for those that will be scammed in the next 4 years with no type of protection
I'm trying to think of an industry I trust less than banking. I like when one got sued because they werent doing transactions in actual order, and instead making any deposit your last transaction of the business day. So you could deposit at 9am and then still get hit with overdraft fees all day still.
