You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your future. But as we've seen time and again, from Equifax to Wells Fargo, this isn't always the case. That’s why we need strong consumer protections in the financial marketplace.
We saw in 2008 what happens when Wall Street is allowed to engage in reckless, largely unchecked behavior. The financial crash and recession that followed made it clear how much we need fair, clear, transparent and enforceable rules to protect consumers. So we helped create an independent agency whose sole mission is to create and enforce those rules — the Consumer Financial Protection Bureau.
We're excited to get to work with the president and his excellent nominee to run the CFPB, Rohit Chopra. We're confident that he will return the Consumer Financial Protection Bureau to its only job, protecting consumers.