It’s not OK for finance to be dangerous again

Source: Noah Smith, Bloomberg

Now, like many other parts of the government, the Consumer Financial Protection Bureau (CFPB) is under siege by the administration of President Donald Trump. This is a bad time to divert the CFPB from its original mission of protecting consumers. Though households are slightly less indebted than before the financial crisis, they still owe an amount equal to 80 percent of gross domestic product. Meanwhile, student-loan debt is at record highs, reducing many households’ ability to repay their credit cards.

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