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What A Day

Why Trump Wants To Shutter The Consumer Financial Protection Bureau

What A Day

Crooked Media

News, Daily News

4.612K Ratings

🗓️ 11 February 2025

⏱️ 24 minutes

🧾️ Download transcript

Summary

The Consumer Financial Protection Bureau has become the latest federal agency in the Trump administration's crosshairs. On Friday, unelected billionaire Elon Musk and his minions gained access to the CFPB's computer systems. That same day, the White House named Russell Vought, the newly confirmed head of the Office of Management and Budget and longtime opponent of the CFPB, as the agency's new acting director. The next day, Vought ordered CFPB staffers to halt all work and to close the office, effectively shuttering the independent agency created in the wake of the 2008 financial crisis. Helaine Olen, managing editor at the American Economic Liberties Project and a contributing columnist at MSNBC, explains why shuttering the CFPB would be bad for average Americans. And in headlines: Trump doubles down on his plan to kick Palestinians out of Gaza, a federal judge says the White House has defied his order to unfreeze billions in federal grants, and the president slaps a 25 percent tariff on steel and aluminum imports.

Transcript

Click on a timestamp to play from that location

0:00.0

It's Tuesday, February 11th. I'm Jane Koston, and this is Waddey, the show that has decided

0:07.5

it has heard too many Taylor Swift-Travs Kelsey conspiracy theories.

0:18.7

On today's show, President Donald Trump doubles down on his plan to kick Palestinians out of Gaza.

0:24.6

And a federal judge says that the White House has defied his order to unfreeze billions in federal grants.

0:29.9

But let's start with the administration's push to dismantle the Consumer Financial Protection Bureau.

0:35.2

If you viscerally remember the 2008 financial crisis, you know why the

0:39.4

Consumer Financial Protection Bureau was created. The gross combination of predatory lenders,

0:45.3

financial institutions running amok, and a housing bubble led to the biggest financial downturn

0:50.6

in the United States since the Great Depression. I graduated from college during

0:54.6

that time, as did millions of millennials. And if you ever wondered why people around my age

0:58.9

are the way we are, well, it wasn't the avocado toast we were all allegedly purchasing.

1:04.5

Anyway, the Consumer Financial Protection Bureau was created to protect consumers from the scams that

1:09.7

left millions of Americans out of work

1:11.9

and out of their homes during the Great Recession. And the scams that banks and other big

1:16.6

financial institutions have tried to run on Americans ever since. Remember back in 2016 when

1:21.6

Wells Fargo opened millions of fake accounts in the names of customers, even forging signatures

1:27.0

and creating fake

1:28.1

pin numbers to activate accounts, the CFPB demanded they pay back more than $3 billion in redress

1:35.0

to consumers and civil penalties. And the big banks and Republicans hated them for doing that.

1:41.0

And so did Elon Musk, who wants to destroy the CFPB, and happens to also want to turn

1:46.4

Twitter into a banking platform, which the CFPB would regulate. So it makes all too much sense to see

1:52.5

Trump and Musk and the boys of the Department of Government Efficiency, taking aim at an independent

...

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