In the 2024 campaign and transition, President-elect Donald Trump detailed some changes in his approach to governance: accountability, oversight, meritocracy, transparency, the removal of non-sensical regulations, and the disbandment of the administrative state.
U.S. Sen. Katie Britt (R-Montgomery) is in just the right place to apply those new approaches to the deep-state Consumer Financial Protection Bureau (CFPB). She is a member of the Senate Banking Committee, which has jurisdiction over the CFPB.
In a December speech, Britt spoke on the need for reform of the CFPB.
The CFPB is an unusually target-rich environment. Both conservatives and consumer protectionists harshly criticize the agency.
The name of the agency itself is a misnomer. “Consumer” is not who the CFPB protects. “Financial” describes what is hurt, not helped, by the agency. “Protection” is afforded only to the agency insiders. The only word appropriate in the name of CFPB is “bureau.” It is a bureaucracy, not a meritocracy.
The CFPB is structured in a way that gives immense power to un-elected bureaucrats with little or no oversight from Congress.
Since its founding in 2010 under the Obama administration, the CFPB has been mired in rank partisanship and anti-business bias. It contributes nothing to the nation's prosperity and economic well-being nor consumer protection.
Lacking effective oversight from Congress, the CFPB has been staffed by partisans with deep connections to progressive organizations.
It should be no surprise that the CFPB has attacked Americans' free speech rights, seeking to silence those subject to its inquisitions. The Bureau became neck-deep in "debanking” Americans who work for unfavored industries like short-term lenders and gun stores. For an organization that promises to protect Americans from “big banks,” the CFPB's silence on and acquiescence to denying Americans access to our banking system speak volumes about its true agenda.
To help advance the Biden administration’s progressive agenda, the Bureau had also pushed to remove medical bills from credit reports. Sen. Britt warned that this regulatory overreach could create a healthcare crisis in Alabama. The state’s hospitals are already in an existential financial crisis, with three hospitals closing in 2024 alone. Making it easier for customers to not pay their bills will only exacerbate their economic struggles, causing even more Alabamians to drive to significant lengths to receive medical care.
However, the CFPB proposal to remove medical bills from credit reports gave the Biden administration a good political talking point, which seems important to the Biden White House.
Unfortunately, the CFPB is not the only government department putting politics before the welfare of the people of Alabama. The Department of Justice has also played partisan politics over the last four years.
When Alabama took steps to remove non-citizens from their voter rolls, the DOJ sued. What justification does the Department of Justice have to sue a state trying to ensure the integrity of its voter rolls?
As a former state auditor of Alabama, I have also closely watched as the DOJ consistently prioritizes ideology over law and good governance.
Under a socialist system, all private enterprises are considered suspect, and companies that grow larger to meet consumer demand are doubly targeted. Such is the case in the DOJ today.
For example, a recent lawsuit filed by the DOJ against Visa and its debit card processing network is of particular interest to most Alabama businesses that subscribe to this network. The DOJ filed the lawsuit for no reason other than the fact that Visa is large and popular.
The overwhelming majority of Alabama’s businesses choose this debit network because of its convenience, security, and low costs, yet this lawsuit threatens their ability to continue doing so.
Visa is Alabama businesses’ preferred debit network. However, the government argues that Visa's 60% market share is prima facie evidence of anti-competitive behavior. The DOJ offers no additional information to support these charges, nor does it allege that Visa uses its market share to stifle competition. It also provides no evidence that this concentrated market share harms consumers or that consumers would benefit should their lawsuit succeed.
The DOJ´s actions are a solution in search of a problem. During the recession of 2009, banks and other financial institutions were criticized for being “too big to fail.” Now, the proverbial shoe seems to be on the other foot, and the DOJ appears to be targeting successful companies for being “too big to succeed.”
Thankfully, change is coming to Washington. President-elect Trump is assembling a strong team that promises to remove the shackles from the American economy, reduce inflation, lower energy costs, eliminate wasteful spending, and reform the government. He will need strong supporters like Sen. Britt to fulfill these promises.
Americans deserve a government that works for them, not against them. For too long, government agencies like the CFPB and DOJ have prioritized political agendas over the well-being of our citizens. This misuse of power undermines trust in public institutions and stifles economic growth and prosperity. Change is long overdue, but with exemplary leadership and teamwork in the new Trump administration, it is finally within reach – starting January 20.
Jim ‘Zig’ Zeigler writes about Alabama’s people, places, events, groups and prominent deaths. He is a former Alabama Public Service Commissioner and State Auditor. You can reach him for comments at ZeiglerElderCare@yahoo.com.
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