The departure of Consumer Financial Protection Bureau Director Rohit Chopra over the weekend came as congressional Republicans, including senior committee members, are offering legislation to rein in the agency while Democrats worry that it could be weakened or even eliminated.
Democrats quickly weighed in on President Donald Trump’s firing, praising Chopra’s leadership at an agency that has returned about $20 billion to harmed customers since it was established by a major financial overhaul law after the 2008-09 financial crisis.
“Make no mistake, today’s decision is the first step by Trump, his co-President Elon Musk, and their Republican allies in Congress to dismantle the agency entirely, leaving consumers with no place to turn to for help and no real watchdog to hold predatory lenders and other bad actors accountable,” House Financial Services Committee ranking member Maxine Waters, D-Calif., said in a Saturday statement.
