Rohit Chopra, former director of the Consumer Financial Protection Bureau (CFPB), argued on Monday that shutting down agencies “is calling for another financial crisis” as the Trump administration is aiming for the CFPB.
“We previously did this experiment in the years leading up to the subprime mortgage crisis. As we all know, it was an absolute catastrophe,” Chopra told MSNBC. I did. “We have a set of essentially unsupervised mortgage lenders and other businesses that have wiped out our trillion dollars of wealth.”
“Shutting down the CFPB feels like he's pleading for another financial crisis. At the end of the day, there's no reason why the book law shouldn't be enforced,” he continued.
The agency was created in the wake of the 2007-08 financial crisis. It has long been a target for conservatives, claiming that they have stepped over its authority and constitutional boundaries.
The CFPB saw a surge in activity over the weekend shortly after Russell, director of the newly confirmed Office of Management and Budget (OMB), versed.
Vought reportedly ordered employees to “stop supervision and exam activities” on Saturday, then on Monday, he told staff to “stop from performing any working tasks.” The agency's chief operating officer also notified employees on Sunday that CFPB's headquarters would be closed that week.
The series of events closely mirrored what was filmed last week at the United States Organization for International Development (USAID), causing employees and observers to be nervous about what's coming next.
At USAID, the Trump administration similarly told staff not to come to headquarters before attempting to place thousands of employees on administrative leave. However, the move was blocked by a federal judge on Friday.
