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Key events

Michael Sainato

Donald Trump’s bid to gut the top US consumer watchdog has left the agency unable to protect consumers amid mounting fears of recession, according to workers.

For months the Trump administration has pushed to dismantle the Consumer Financial Protection Bureau and fire the vast majority of its workforce. Ripped-off Americans will have “nowhere to turn” if it succeeds, staff told the Guardian.

“The agency that Congress created after the last financial crisis to help prevent another financial crisis is currently completely handcuffed from working,” said one attorney at the CFPB, who asked to remain anonymous for fear of retaliation. “And we are on the verge of another major financial crisis, so it’s terrifying.

“The one thing we were created to do we can’t do – at a time when we’re most needed.”

Trump officials tried to axe about 1,500 of the CFPB’s 1,700 workers last month, only for his plan to be blocked by a federal judge.

“This whirlwind has been hard on everyone, but everyone comes back with more fight to keep the bureau going, because we know the harms that will be visited on people if it goes under,” said a software engineer at the agency. “When it comes to loans, mortgages, car loans, credit card debt, bank accounts, we’re out there protecting everyone.

“We have helped millions of people. We have returned billions of dollars. It isn’t the way it has to be that there is nowhere to turn to when a bank or credit card rips you off. That is something everyone is exposed to. That’s what’s heartbreaking to me about the possibility of my job disappearing.”

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Posted: 2025-05-19 11:39:36

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