Donald Trump and Consumer Financial Protection Bureau Essay

Donald Tramp and Consumer Financial Protection Bureau Essay

The current essay explains Donald Trump’s policies regarding the existence of the Consumer Financial Protection Bureau. Evidently, the CFPB is responsible for the protection of the U.S. citizens from different illegal schemes in the financial sector. The bureau was always independent. Thus, it performed as a specific regulator in the relations between the companies of the financial sphere and common American citizens, who engage in financial activities. However, the current U.S. President Donald Trump considers the agency to be unaccountable to the U.S. citizens. It means that it is almost impossible for the government to control the performance of the bureau. The spokesperson argued that the solutions of the Obama’s administration made it impossible for the American people to get any information about the functioning of the CFPB. Consequently, the President’s administration questioned the CFPB’s constitutionality. One of the basic critical arguments is connected with the statement that CFPB exceeds the legal possibilities of the financial regulatory activities.

As a result of the court’s decision, the U.S. President received an opportunity to fire the director of the CFPB on the basis of the personal opinion and will. Thus, it is not important for Donald Trump to have some specific reason to fire the CFPB’s director. Nevertheless, the U.S. President could not fire Richard Cordray in the nearest months due to the fact that case continues being unresolved by the juridical power. It seems fair to suggest that the President’s administration will continue making a pressure on the CFPB’s executives in order to make adjustments in the performance of the bureau and force the director to retire.

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