Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following a federal appeals court ruling allowing President Donald Trump to resume the mass firings at the Consumer Financial Protection Bureau (CFPB) and continue shuttering the Bureau. This year, Congresswoman Waters led more than 200 Democrats in two amicus briefs defending the Bureau from this reckless shutdown, including one in February and another in May.

“I am outraged and deeply disappointed by a federal court’s decision to allow the Trump regime to continue its dangerous shutdown of the Consumer Financial Protection Bureau – an agency that has returned over $21 billion to Americans who have been defrauded by bad-acting financial institutions. This ruling opens the door for the mass layoff of hundreds of dedicated civil servants who have spent their careers fighting day in and day out to protect hard-working American families from financial fraud and abuse, including servicemembers, veterans, older adults, and students. Make no mistake: this is a gift-wrapped handout to the big banks and shady predatory lenders who’ve spent years trying to kill the CFPB so they can continue preying on consumers without fear of consequences. And now, thanks to this ruling and this unhinged Administration, the American people will be left without a strong federal watchdog standing between them and financial abuse.

This ruling is a slap in the face to the 82% of Americans – including 77% of Republicans – who support the CFPB and want the agency to continue its job. The court ignores the will of Congress when we passed the Dodd-Frank Act, and will lead to more scams and more abuse by powerful and unscrupulous lenders at a time when American families are struggling to make ends meet under the weight of Donald Trump’s disastrous policies. It means bigger profits for Trump’s buddies on Wall Street, and less money in the pockets of the American people.

Just as Committee Democrats did on Day 1 of Trump’s attempted shutdown and authoritarian takeover, we will continue to defend the mission of the CFPB in the courts, in the streets, and in Congress. We will not stop until the Trump regime gets its hands off the CFPB and stops inflicting needless harm on the American people.”

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