Consumer advocates are concerned that the economic recovery following the Great Recession is in “tatters” and that the administration’s “stimulus” policies may not be enough to revive the economy.
The administration has promised to revive growth and help middle-class families.
But critics say it is failing to do so.
The Consumer Federation of America is urging Americans to reject Trump’s agenda.
Consumer groups and consumer advocates have been critical of the administration for not creating a job-creating economic recovery, and they have urged the president to release a more detailed plan.
“I think the Trump Administration’s stimulus policies have been a complete disaster,” said Carrie Spivack, senior vice president for public policy at Consumers Union.
“Their goal of creating jobs by reopening the economy by $1 trillion has not been achieved.”
The Consumer Financial Protection Bureau (CFPB) is the agency that regulates mortgage and credit cards.
The CFPB’s director, Richard Cordray, has been criticized by some consumer advocates and the left for his failure to rein in the payday lenders that dominate the industry.
The Trump administration has also delayed implementing the Consumer Financial Safety Act (CFSIA), which was supposed to give consumers more protection from fraud and other abuses.
“It’s not clear that the Trump White House will be able to deliver on its promises to end predatory lending,” Spivak said.
“There’s still a lot of work to do.”
The administration’s budget proposal calls for eliminating the Consumer Product Safety Commission (CPSC), a federal watchdog that investigates complaints about consumer safety.
But Spivacks says the CFPO and the CPSC could also be cut.
“This administration’s approach to consumer protections has been inconsistent and ineffective,” Spivek said.