As Donald Trump prepares to take office again on January 20th, his administration is setting its sights on a bold mission to “drain the swamp,” starting with the Consumer Financial Protection Bureau (CFPB). Created under the Obama administration, the CFPB has drawn criticism for its unaccountable structure and controversial enforcement actions that many argue overstep legal bounds.
The CFPB was designed to function independently of Congress and the President, granting itself unchecked authority to regulate financial practices. Critics, including Trump’s team, claim the bureau has used vague interpretations of laws to justify actions that destroy businesses and undermine individual freedoms. One such example involves Strategic Financial Solutions, a company that was effectively shut down due to the CFPB’s unilateral decisions—leaving thousands unemployed and tens of thousands of customers stranded.
Thanks to a landmark Supreme Court ruling in the Loper Bright case, federal regulators no longer have free rein to “creatively” interpret laws. Courts are now required to assess whether agencies act within their Congressional mandates. This decision empowers Trump to challenge bureaucratic overreach, making the CFPB a prime target for reform.
While some believe in the necessity of the CFPB, others argue that its functions overlap with existing agencies like the FTC and Justice Department. Trump’s approach would likely involve either restructuring the agency or transferring its duties to better-regulated bodies.
On January 20th, as Trump places his hand on the Bible and takes the oath of office, the American people can expect decisive action to rein in excessive government power. For Trump, dismantling or reforming the CFPB isn’t just about cutting bureaucracy—it’s about upholding the rule of law and restoring trust in government.
Stay tuned as this new administration takes on its mission to reshape Washington.
