Commentary

Crafted by Wall Street Titans, Trump Treasury Plan Latest Consumer Betrayal

(COMMON DREAMS) Jake Johnson, June 12, 2017 — The Treasury Department on Monday released a report (pdf) that “grants Wall Street its wishes” by recommending the White House defang the Consumer Financial Protection Bureau (CFPB) and severely roll back regulations established following the financial meltdown of 2008.

“The financial crisis had devastating costs for families and communities, and everyday abuses in financial markets cost people tens of billions of dollars a year.”
—Lisa Donner, Americans for Financial Reform

Predictably, the financial industry met the report with enthusiasm.

But as Sen. Sherrod Brown (D-Ohio) noted, the industry couldn’t have been surprised by the report’s contents, given that banking groups were consulted heavily during its creation.

As Brown wrote in a statement, “Treasury consulted with banking industry groups at a ratio of 17-to-1 over consumer groups when formulating the report.”

Brown concluded by providing a list that starkly illustrates where Treasury Secretary Steve Mnuchin, a former Goldman Sachs banker, looked for advice.

Source: Crafted by Wall Street Titans, Trump Treasury Plan Latest Consumer Betrayal | Common Dreams