Trump's Affordability Push Could Be Strengthened by Reviving CFPB: Krugman
Business Insider • • business
Key Points:
- Donald Trump has proposed various measures to reduce costs for Americans, including addressing mortgage rates, credit card debt, and energy expenses.
- Nobel laureate economist Paul Krugman suggests that reinstating the Obama-era Consumer Financial Protection Bureau (CFPB), which Trump had dismantled, would have a greater positive impact, especially on credit card debt.
- Krugman argues that reviving the CFPB would protect consumers by curbing high credit card interest rates and abusive practices like excessive late fees without requiring new legislation.
- While Krugman supports capping credit card interest rates, he doubts Trump's legislative plan will pass Congress, but restoring the CFPB could be done easily and immediately.
- Some experts, like Moody's Mark Z
