The Biden administration is working to reassert the government's top consumer watchdog, the Consumer Financial Protection Bureau, which was hollowed out and politicized under the Trump administration, which failed to eliminate it outright. Experts say a fully staffed, enforcement-focused CFPB would give President Joe Biden a crucial tool to advocate for lower- and middle-class Americans, who have been preyed on by financial institutions in recent years, while his administration has pinpointed it as a tool to help deliver on promises to address systemic racial inequality. |
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