Leaked Memo Reveals Trump's Plans for Consumer Financial Protection Bureau and It's Pretty Much What You'd Expect
While serving in Congress, Mick Mulvaney called the Consumer Financial Protection Bureau (CFPB) a "sick sad joke" and drafted legislation to eliminate it. The financial crises during the Obama administration, brought about by Republican-led deregulation of Wall Street and banks during the Bush administration, prompted the creation of the consumer protection watchdog agency.
When President Donald Trump appointed Mulvaney to lead the CFPB, people were shocked. However appointing people who previously vowed to destroy an agency to head that agency has been a hallmark of the Trump administration.
Senate Republicans, with Vice President Mike Pence breaking a 50-to-50 tie, voted Tuesday to strike down a new consumer protection rule. Five years in the making, it allowed millions of Americans to file class-action lawsuits against financial institutions.
The defeat of the rule further loosens regulation of Wall Street. It is yet another step by the Trump administration and Republicans to roll back Obama-era policies. Policies enacted in response to the 2008 economic crisis caused by prior Republican led deregulation of Wall Street.
Going to the emergency room? Even with insurance, you may still get hit with shocker bills. A practice called balance billing allows hospitals to overcharge for services, leaving the patient to cover any amounts their insurance company considers excessive. Hospitals often contract with third-party staff or service providers, causing unsuspecting patients to be charged out-of-network prices for services at an in-network facility.