by President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.to a government efficiency role, further amplifying the influence of the world’s richest man, who donated millions of dollars to help Trump get elected.
Separately, Reuters reported on Wednesday, citing sources, that the consumer finance watchdog is moving ahead with rulemaking in the final weeks of Joe Biden’s Democratic administration, in a bid to advance consumer protections before Trump overhauls the agency. The CFPB was created as part of the 2010 Dodd-Frank financial reform law to police and regulate consumer financial products following the 2008 crisis. CFPB director Rohit Chopra and President Biden in 2023.Republicans have sought to curtail or eliminate the agency from the outset, but legislative efforts to either scrap it altogether, or place stricter limits on its funding and leadership structure, have failed to gain traction in the years since its creation.