Former Rep. Barney Frank warned congressional Republicans: Do not do away with the independent Consumer Financial Protection Bureau.
In an interview with radio host John Catsimatidis on 970 AM in New York that aired Sunday, the Massachusetts Democrat said that the CFPB has “saved consumers a lot of money” and it would be “very unpopular” to eliminate it.
Sen. Ted Cruz, R-Texas, and Rep. John Ratcliffe, R-Texas, introduced legislation in February to eliminate the CFPB, and other Congressional Republicans are moving to do the same.
In addition, Frank called out President Trump’s desire to modify and repeal the Dodd-Frank reform act, which he helped to orchestrate following the 2008 financial crisis, saying he doesn’t believe “if [Trump] were given a test” on how to do so, that he would pass.
“Frankly, I think that would be a very unpopular thing,” Frank said of CFPB legislation, adding about Dodd-Frank, “I am hoping we will get a consensus to make some minor changes in the law that make it easier for the smaller and middle size banks without weakening the rules against great losses. Beyond that, I don’t think they’re going to get any changes legislatively.”
“I don’t think [Trump has] 60 votes in the Senate. I don’t think [he] even [has] 51” to undo Dodd-Frank, Frank added.
On Tuesday, Trump he is planning a “major elimination” of Dodd-Frank regulations — but would be open to keeping some of them.
