Many thanks for the March 11 Business article “Trump is rapidly rolling back consumer protections.” White House budget director Mick Mulvaney is reported to hold that consumer protection regulations are a “slow cancer” eating away at our economic well-being. As Mr. Mulvaney knows, federal consumer protection agencies were created by Congress to address real marketplace failures and outright abuses. In doing so, Congress sought to assure American consumers that their representatives placed the public’s well-being ahead of unfettered capitalism. This was surely the case in the creation of the Consumer Financial Protection Bureau.
The health of a democracy as a viable political entity requires an economic system that first and foremost serves the welfare of its people. To the extent that Mr. Mulvaney is seeking to identify the cancer that is attacking our well-being, he should look elsewhere. Consumer protection is one of the few areas supporting the notion that we are a country of the people, by the people and for the people.
Michael Katz, Washington