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Consumers are biggest losers of Trump’s ongoing war on regulations

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Some worry Mick Mulvaney is putting banks before consumers as head of the CFPB. Reuters/Yuri Gripas

Jeff Sovern, St. John’s University

President Donald Trump has been waging a war on regulation since he got into office on the ground that government red tape costs the economy billions of dollars a year.

Among the victors in this battle have been energy companies, banks and the president himself, who recently promised he’s “just getting started.” Perhaps the biggest losers, however, have been consumers.

The best illustration of this is the neutering of the Consumer Financial Protection Bureau, which began immediately after Mick Mulvaney stepped in as interim director in November. Continue reading

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