Donald Trump has indicated he wants to eliminate the Consumer Financial Protection Bureau (CFPB), which was set up after the financial crisis to shore up oversight of consumer financial firms, prompting critics to accuse him of setting the stage for “one of the biggest cons” in modern memory.
Twohig, who worked for decades in government, and was assistant director for supervision policy at the CFPB until 2021, said she struggled to understand how an agency created to stand up for individual consumers had become such a target for conservative figures.
With the CFPB incapacitated by layoffs, work stoppages and widespread confusion over its future, the Massachusetts senator Elizabeth Warren, who played a key role in setting up the agency, held a forum on its future on Capitol Hill on Tuesday alongside other Senate Democrats.
“Elon Musk and Donald Trump are going all out to kill the Consumer Financial Protection Bureau and make it easier to cheat people out of their hard-earned money,” said Warren.
The way Trump officials are treating the CFPB “could be one of biggest cons in recent history”, claimed Warren, who described it as “the theft of billions of dollars from American consumers”.
