WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to the Trump administration’s illegal attempt to defund the Consumer Financial Protection Bureau (CFPB):

“Every single American will be hurt by the Trump administration’s illegal midnight order to defund the Consumer Financial Protection Bureau, which has forced financial firms to return almost $20 billion to almost 200 million ripped off Americans in all 50 states since it was created 14 years ago. That’s why Wall Street’s biggest banks and Trump’s billionaire allies hate the bureau: it’s an effective cop on the finance beat and has stood side-by-side with hundreds of millions of Americans – Republicans and Democrats – battling financial predators, scammers, and crooks.

“This latest attempt to kill the consumer bureau is another slap in the face for all Americans who depend on basic financial products and services, but especially for those in the multi-racial working-class coalition of Americans that helped elect President Trump. They are the most vulnerable with the fewest resources to fight back effectively. Without the CFPB fighting with and for them against the wealthy and well-connected Wall Street banks, those Americans will have to fight the megabanks and their army of lawyers and lobbyists alone – history has proved that’s an impossible mission. That’s what life was like before the 2008 crash when Wall Street banks and other financial firms were unchecked and unpoliced, and they ripped off tens of millions of Americans with fraudulent subprime loans and caused the biggest financial crash since 1929. Federal agencies like the Federal Reserve were supposed to stop those criminals, but they were derelict and sided with Wall Street’s banks. That’s why the CFPB was created: to make sure there was a powerful, effective, and independent cop of the finance beat protecting and fighting for Main Street Americans, not Wall Street profits.

“By trying to kill the CFPB, Trump is throwing those Americans to the financial wolves. Every American depends on basic financial products and services, and most have a savings or checking account, a credit or debit card, loans of all types or investments. Everyone of them who is not already wealthy like Trump’s allies and funders is now left to fend for themselves against financial industry predators, scammers, and crooks. It is despicable and illegal, which is why Trump’s appointees issued this order in the middle of the night right before the Superbowl: they are hoping the media wouldn’t cover it and that Americans wouldn’t see what they are really doing. But Better Markets and allies will be taking action to make sure that all Americans know whose side Trump is on: Wall Street financiers and billionaires, not Main Street Americans.”