Sen. Elizabeth Warren said that U.S. President Donald Trump’s moves to dramatically cut federal regulatory agencies would leave consumers and markets vulnerable to fraud and corruption, magnifying vulnerabilities to a financial system already beset by uncertainty in the face of the White House’s tariffs.
"Trump at every turn is trying to put deregulators in place across the whole financial services space, and that is really dangerous,” Warren, a Massachusetts Democrat who helped create the Consumer Financial Protection Bureau (CFPB), said in an interview.
Warren spoke as the Trump administration moved to implement mass layoffs at the CFPB on Thursday. A legal filing by the union representing the consumer bureau’s staff estimated that some 1,500 of the CFPB’s 1,700 staff could be fired.
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