A June 19 HuffPost article exploring consumers’ diminishing abilities to challenge banks, airlines and other industries quoted Professor Alex Geisinger.
“From the very beginning of his campaign, Donald Trump made it clear that he intends to win the economy,” Geisinger said. “Touting a pro-growth agenda, the administration is taking steps to cut so-called government red tape, and, with that, a series of repeals on regulations across various industries.”
The article noted that the Consumer Financial Protection Bureau, an agency set up following the financial crisis of 2007-08, faces a dramatic overhaul that could undermine its fundamental power to safeguard consumers from deceptive or unfair practices.
“Almost anyone who has dealt with a bank, credit-card company or other financial institution understands the power these groups have over the average person,” Geisinger said. “The average person doesn’t have the time, money or expertise to fight the banks.”
Airlines have begun chipping away at federal regulations designed to alert travelers about hidden fees, the article said, while a law signed by President Trump allows Internet service providers to track a consumer’s every move online and sell the data to private businesses.