What Donald Trump wants to do is fire one of the most important financial cops and then say to the American people, you keep walking down this dark alley and, you know, what happens is what happens,” Warren revealed.
The cop in question is Consumer Financial Protection Bureau director Richard Cordray. Cordray’s term ends in July 2018, but Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, is encouraging Trump to “immediately fire” the director.“
The Consumer Financial Protection Bureau, which didn’t even exist before the financial crisis [prevents Americans from being] cheated on mortgages and credit cards and] the things that ultimately blew up our economy,” Warren explained.
The CFPD was created by the Dodd-Frank financial reform act and specifically helped combat home mortgage scams. Now that Trump wants to scrap the legislation, Republicans such as Rep. Hensarling along with Sen. Mike Lee of Utah and Sen. Ben Sasse of Nebraska say Cordray must go.