Should the Trump Admin Halt All Biden-Era Rule Changes, Like Those From the CFPB? YES!
By Ward Clark | 4:41 PM on January 19, 2025
The opinions expressed by contributors are their own and do not necessarily represent the views of RedState.com
There's a really good argument to be made for the incoming Trump administration to suspend enforcement of any recent rules and regulations put in place by the outgoing Biden administration. I will leave the meaning of "recent" open as an exercise for readers, but personally, I'd be okay with defining it as "within the last four years."
Case in point: the brainchild of Senator Elizabeth Warren (D-MA), the Consumer Financial Protection Bureau (CFPB), an organization notorious for not only behavioral problems by its leadership but also rampant overstepping in its portfolio of responsibilities. The CFPD reports to no one, and seems to reckon itself above the pale; in their latest such overstep, they have unilaterally decided that payment apps (like Paypal, Google Pay, etc.) and digital wallets shall be regulated as banks.
Predictably, they're being sued. Again.
Two major tech trade groups are challenging the Consumer Financial Protection Bureau’s (CFPB) effort to treat payment apps and digital wallets like banks. In a lawsuit filed in federal court in Washington, DC, NetChoice and TechNet claim that the CFPB’s digital payment regulation, announced on November 21st, 2024, is arbitrary and capricious.
“The CFPB’s unlawful power grab undermines the rule of law, further bloats the administrative state and puts American consumers and innovation at risk,” Chris Marchese, NetChoice’s director of litigation, said in a statement. “The CFPB’s actions create unnecessary roadblocks for businesses striving to meet consumer needs and set the stage for increased prices and reduced options.”
“The CFPB’s unlawful power grab undermines the rule of law, further bloats the administrative state and puts American consumers and innovation at risk,” Chris Marchese, NetChoice’s director of litigation, said in a statement. “The CFPB’s actions create unnecessary roadblocks for businesses striving to meet consumer needs and set the stage for increased prices and reduced options.”
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READ MORE: https://redstate.com/wardclark/2025/01/19/should-the-trump-admin-halt-all-biden-era-rule-changes-pending-review-yes-n2184546
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