The new president vows to quickly shrink government and reduce regulation
President Trump emphasized the border, economic growth and energy independence in his inaugural messages Monday but his administration's policies will reach far into the lives of consumers throughout the land in areas ranging from auto safety to credit card lending regulations.
"I return to the presidency confident and optimistic that we are at the start of a thrilling new eara of national success," Trump said after taking the oath of office.
Unlike most recent presidents, Trump does not adhere to a rigid ideology. He tends to act on a per-case basis, sometimes coming down on the side of big business through standard Republican policies, other times taking a more libertarian stance. And sometimes, as in the case of TikTok, evolving from one position to another.
TikTok fans and content creators have had moments of hope and dejection over the last few days as they have waited to see if Trump will indeed grant an exemption to the banned network. It's the first time a major decision affecting billions of dollars and millions of consumers has been played out in real time.
Real time presidency
Most federal decisions stretch out for months if not years, following seeminglessly endless reports, studies and hearings. Lobbyists are accustomed to working at a snail's pace, billing ruthlessly for their labors many hours a day for as many days as possible.
But Elon Musk appears to have Trump's ear on the TikTok issue and many others, giving perhaps unintended meaning to his Department of Government Efficiencyby threatening to make lobbying a hyperspeed profession.
Consumer agencies
While nearly all government departments and agencies can be said to affect the everyday lives of consumers, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) deal with the products and services that consumers buy and use on a regular basis.
Republican administrations generally favor a light touch in their dealings with big business and the FTC and CFPB are expected to reflect that. Although Trump has expressed admiration for the antitrust efforts of FTC Chair Lina Khan, he has nevertheless decided to replace her with Andrew Ferguson, who he said will be"the most America First, and pro-innovation FTC Chair in our Country's History."
Khan has not disputed the decision.
It's a different story at the CFPB though. The agency's director, Rohit Chopra, has indicated he will leave if Trump fires him, as he is expected to do, but he apparently does not plan to step down voluntarily.
Chopra has come down hard on the financial services industry, imposing new consumer protection rules on banks, mortgage lenders, credit card providers, payday lenders and others and is reviled by many in the banking business.Bankers argue that the regulations imposed by Chopra's CFPB drive up the cost of doing business and ultimately cost consumers money.
During Trump's first term, a report by the Consumer Federation of America found that enforcement activity at theCFPB had "dropped precipitously" under the Trump Administrations leadership.
Consumer agencies that deal with safety -- chiefly the National Highway Traffic Safety Administration (NHTSA) and the Consumer Protection Safety Commission (CPSC) -- are traditionally slow-moving and bogged down by Congressionally imposed restrictions that hamper their effectiveness. Will that change under Trump? We shall see.
What about the FDA?
The Food and Drug Administration (FDA) polices food and drug safety and is currently frozen in its tracks as it waits to see whether Robert F. Kennedy Jr. prevails in the nomination process and becomes the agency's director.
Kennedy has unorthodox views about vaccines and other aspects of public health that run counter to the by-the-book policies of the FDA.
He has been particularly critical of the speed at which the COVID-19 vaccines were developed and distributed during Trump's first term, suggesting that the process was rushed and that regulatory oversight was inadequate. Kennedy has also alleged that there is a lack of transparency in vaccine data, and he has questioned the influence of pharmaceutical companies in shaping public health decisions.
The pharmaceutical industry is watching Kennedy's progression nervously, fearing that if confirmed, he will be reluctant to approve new drugs and vaccines. Kennedy's beliefs don't always jibe with established medical practice and could be hotly disputed if he pursues them aggressively.
Whether Trump's reigntruly produces a new "Golden Age," as he promised Monday, remains to be seen but the next four years should be nothing if not interesting.
Photo Credit: Consumer Affairs News Department Images
Posted: 2025-01-21 01:07:42
