The Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration, and banks, student-loan agencies and payday lenders are the winners.
Nearly every regulatory institution tasked with monitoring the financial system is now run by someone who once profited from bending or breaking its rules.
Sen. Elizabeth Warren voices concern that Jerome Powell, as head of the central bank, “will roll back critical rules that help guard against another financial crisis.”
The U.S. financial system remains unreformed, and no one in any position of power will do anything to fix it. The only question is when the bubble will burst.
The move by the central bank indicates that it expects the job market and the economy to strengthen further.
More than a quarter of a million jobs were added in November, and unemployment stays at a 17-year low of 4.1 percent.
Jerome Powell, a Federal Reserve board member, is seen as a safe choice who represents continuity.
The growth is evidence of economic durability and all but assures that the Federal Reserve will resume raising interest rates late this year.
In the period 2013-2016, the wealthiest households pulled even further ahead, worsening the nation’s massive disparities in wealth and income.