Tom Perez on Republican Calls to Weaken the CFPB

In response to Trump budget proposal cuts to the Consumer Financial Protection Bureau and continued Republican efforts to weaken the structure of the agency through the courts, DNC Chair Tom Perez released the following statement:


“Yesterday, in its cruel and mathematically-flawed budget proposal, the Trump administration telegraphed its intent to effectively eliminate the CFPB by robbing it of nearly $7 billion over 10 years.  This is a President, who ran pretending to be a champion for working Americans, selfishly punishing an agency that has returned almost $12 billion to the pockets of 29 million workers and retirees. 


“So today, as the D.C. Circuit hears oral arguments in a case that threatens the bureau’s independence, we reject Republican lawmakers’ efforts to subject the agency to the whims of Donald Trump and the ire of Wall Street. Doing so would make the CFPB’s job of safeguarding the average American’s financial interests flat-out impossible. 


“Democrats will not sit on the sidelines while insatiable Wall Street greed swallows up the American worker’s hard-earned dollar.”