Possibly the biggest economic policy accomplishment the government has made under president Obama is the establishment of the Consumer Financial Protection Bureau. The agency was founded in 2011, and has helped millions of Americans recover money from the banks that victimized them. Right now the organization is under threat of being closed down by Republicans. If the CFPB is closed down consumer stand to lose possibly their biggest Ally in the financial world. If this does happen it will not be without opposition from progressives. Senators Bernie Sanders and Elizabeth Warren have clearly demonstrated the determination to fight tooth-and-nail to save the CFPB. People need to know the sole purpose of the Consumer Financial Protection Bureau
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It has protected consumers from bank scams and unjustified fees. The CFPB investigates claims of fraud, violations of regulations and complaints filed on behalf of consumers. Closing the agency, or even crippling it would be a disaster for everyday Americans who depend on the protection it provides. This is exactly what bank executives want, because the fines,and penalties cut into profits, therefore more importantly the bonuses that line their pockets. A good portion of these profits go towards the legal bribes that fund republican campaigns, and the lobbyist jobs waiting for them when they exit congress. Eliminating the CFPB would allow the banks to increase the waste, fraud, and abuse built into there business, thereby increasing their profits, and ill-gotten gains. Republicans and president elect Trump are a threat to the agency because the banks are one of there parts of their donor base.
They most recent notable scams uncovered by the CFPB back in September involved Wells Fargo. The bank was caught opening fake accounts in customer's names, and charging them for the services which were unauthorized. The investigation, and its findings not only cost Wells Fargo a 100 million dollars, it cost the CEO his job, including his salary, and bonus. Unfortunately it didn't cost the CEO, or his executives what it really …show more content…
We the people are who possess the real power, therefore it is ultimately our own responsibility to take control of the direction the country's future. Progressives are who will lead the fight, but they need the voice of the people behind them. America cannot afford to go backwards, allowing banks free reign as if they are kings is what caused our economic downfall. Republicans won't stop with this agency, Trump personally has said he plans to completely deregulate the banks. Please contact house speaker Paul Ryan, and majority leader Mitch McConnell, tell them you are a voter and will not stand for the dismantling of the CFPB. Remind them who they work for, and that you will campaign for their opponent if they don't listen to their
It has protected consumers from bank scams and unjustified fees. The CFPB investigates claims of fraud, violations of regulations and complaints filed on behalf of consumers. Closing the agency, or even crippling it would be a disaster for everyday Americans who depend on the protection it provides. This is exactly what bank executives want, because the fines,and penalties cut into profits, therefore more importantly the bonuses that line their pockets. A good portion of these profits go towards the legal bribes that fund republican campaigns, and the lobbyist jobs waiting for them when they exit congress. Eliminating the CFPB would allow the banks to increase the waste, fraud, and abuse built into there business, thereby increasing their profits, and ill-gotten gains. Republicans and president elect Trump are a threat to the agency because the banks are one of there parts of their donor base.
They most recent notable scams uncovered by the CFPB back in September involved Wells Fargo. The bank was caught opening fake accounts in customer's names, and charging them for the services which were unauthorized. The investigation, and its findings not only cost Wells Fargo a 100 million dollars, it cost the CEO his job, including his salary, and bonus. Unfortunately it didn't cost the CEO, or his executives what it really …show more content…
We the people are who possess the real power, therefore it is ultimately our own responsibility to take control of the direction the country's future. Progressives are who will lead the fight, but they need the voice of the people behind them. America cannot afford to go backwards, allowing banks free reign as if they are kings is what caused our economic downfall. Republicans won't stop with this agency, Trump personally has said he plans to completely deregulate the banks. Please contact house speaker Paul Ryan, and majority leader Mitch McConnell, tell them you are a voter and will not stand for the dismantling of the CFPB. Remind them who they work for, and that you will campaign for their opponent if they don't listen to their