The Consumer Financial Protection Bureau (CFPB) was created to protect us—everyday people—from predatory banks, payday lenders, and corporate greed. It was one of the few agencies standing between Wall Street and the financial devastation of working families.

The agency was formed after the 2008 financial crash which devastated millions worldwide. In the U.S. alone, 8.7 million jobs vanished, doubling unemployment from 5% in 2007 to 10% by late 2009. Poverty surged, with 15.1% of Americans struggling to make ends meet by 2010, up from 12.5% before the crash. Meanwhile, 3.8 million families lost their homes to foreclosure, as Wall Street’s reckless greed left everyday people paying the price. With an annual budget of less than $700 million, the CFPB has returned nearly $20 billion to consumers through refunds and canceled debts, addressing issues like unfair credit card charges and unauthorized debt collections

​In a brazen move that threatens the very foundation of consumer protection, the Trump administration—under the influence of billionaire donors and corporate lobbyists—has eviscerated the CFPB. President Donald Trump's appointment of Treasury Secretary Scott Bessent, a billionaire hedge fund manager, as acting director of the CFPB has led to the agency's complete operational shutdown. This unprecedented action grants predatory lenders and unscrupulous banks free rein to exploit hard working Americans without fear of repercussions, marking a direct and egregious assault on consumer rights and economic justice.​

This drastic decision follows the unceremonious removal of Rohit Chopra, a staunch consumer advocate who, during his tenure, secured over $6 billion in consumer relief. The dismantling of the CFPB not only jeopardizes the financial well-being of millions but also signals a perilous shift towards unchecked corporate dominance, leaving everyday citizens vulnerable to financial exploitation​.

Since Bessent's appointment, the CFPB has dismissed several enforcement cases, including a notable lawsuit against Capital One, which was accused of misleading consumers regarding high-interest savings accounts. This pattern of dismissals underscores the administration's blatant disregard for consumer protection and its willingness to prioritize corporate interests over the rights and well-being of the American public

Compounding these concerns is the involvement of Elon Musk, who, through his leadership of the Department of Government Efficiency (DOGE), has targeted the CFPB for elimination. Musk's team has gained access to the bureau's internal systems, raising alarms about potential conflicts of interest, especially considering ongoing investigations into Musk's business ventures.

​The dismantling of the Consumer Financial Protection Bureau (CFPB) under the Trump administration has notably benefited several major donors who supported President Trump's reelection campaign.​

Elon Musk: As the largest individual donor in the 2024 election, Musk contributed approximately $277 million to support Trump and allied Republicans. His company, Tesla, which offers auto loans through its financing arm, had been under CFPB scrutiny due to numerous consumer complaints regarding its debt collection and loan practices. With the CFPB's supervisory activities halted, these investigations have been suspended, potentially alleviating regulatory pressures on Tesla. Additionally, the CFPB would have overseen Musk's initiative to integrate peer-to-peer payment systems into his social media platform, X.​

Paul Singer: The head of Elliott Management, Singer invested $7.5 million in support of Trump's reelection. His firm has stakes in financial companies regulated by the CFPB, including one that has amassed over 5,000 consumer complaints in the agency's database. The weakening of the CFPB reduces the likelihood of regulatory actions against such entities, potentially benefiting Singer's investments.​

Marc Andreessen and Benjamin Horowitz: Through their venture capital firm, Andreessen Horowitz, they contributed $7 million to pro-Trump super PACs. The firm invested in LendUp, a payday lending company that faced substantial fines from the CFPB for predatory lending practices. The bureau's diminished capacity may now limit further regulatory scrutiny of such ventures.​

Warren Stephens: An investment banker and $3 million Trump supporter, Stephens held a significant stake in Integrity Advance, a payday loan company sued by the CFPB in 2015 for predatory lending and ordered to pay millions in fines. The current administration's stance against the CFPB could prevent similar future actions, potentially safeguarding Stephens' business interests.​

The administration's opposition to the CFPB aligns with claims that it is a "woke, weaponized" agency diverting funds from financial institutions to "support radical advocacy groups." This perspective is influenced by the conservative policy plan Project 2025, developed in part by Russell Vought, Trump's newly installed Office of Management and Budget director and acting CFPB head.​

Why is this happening?
Because corporations and the ultra-rich have commandeered our government. They bankroll elections, install their loyalists in key positions, and dismantle the very institutions meant to hold them accountable. They don’t want a system that protects the public—they want a system that maximizes their profits.

This is why we must pass the We the People Amendment.

We cannot stand idly by as our democracy is auctioned off to the highest bidder. The only way to stop this corporate takeover is by ending corporate constitutional rights and getting big money out of politics. The We the People Amendment (H.J.Res.54) will do just that—stripping corporations of their illegitimate power and allocating democracy to the people

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