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Welcome to logoff. I hope you had a good weekend. Today, I focus on the Trump administration's efforts to erase consumer watchdog agencies. Because the agency has an important mission, and the fight for its future has implications for the broader struggle against President Donald Trump's efforts to rebuild government.
what happened? The administration has made potential financial services companies (including debt collectors, payday and mortgage lenders, credit reporting companies, and some banks) for client abuse and fraud. , is about to dismantle the Consumer Financial Protection Bureau (CFPB). Over the weekend, Trump's appointee, CPFB Director Russell Vought, acted on staff to essentially paralyze the agency and quit their job. By this morning, the agency's headquarters had been closed to almost all employees.
Is that legal? Congress created the CFPB in 2010 as part of its response to the 2008 financial crisis, and another action will be required to abolish another act in Congress.
What's next? The CFPB employee union sued Vought on Sunday, asking a federal judge to immediately freeze Vought's order and ultimately overturn it. So far, no judgment has been issued.
What is the broader context? The Trump administration has argued for the right to abolish administrative agencies whose goals do not agree, even if their bodies are protected by federal law. It's a glove of power that takes more power from Congress and passes it on to Trump.
Trump's opponents are asking the court to block these efforts. So far, the judge has ordered several times to ensure that the administration is suspended while the case is being considered, but the final sentence has not yet fallen. I will continue to track them and post them.
And so, it's time to log off…
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