Wall Street celebrates as Trump targets consumer protections

Continuing to closely track the threat of oligarchy to democracy, this week we’re tracking Donald Trump’s firing of Rohit Chopra, the chair of the Consumer Financial Protection Bureau (CFPB). Chopra’s ouster—two years before his term was up—has drawn backlash from Democrats and advocates, who warn that the agency could become a tool of the oligarchy. Chopra spearheaded historic reforms, including removing medical debt from credit reports, capping overdraft and credit card junk fees, and increasing consumer control over personal data. His efforts made him a thorn in Wall Street’s side, and Trump’s decision to remove him follows intense lobbying from the financial industry. With Trump’s broader assault on federal institutions, many fear that America’s working and middle-class will be left without a champion in government.Feb. 2, 2025