# CFPB is Redundant — Cato Expert 

February 28, 2025 • News Releases 

Cato Institute Vice President and Director of the Center for Monetary and Financial Alternatives [Norbert Michel](https://www.cato.org/people/norbert-michel) is available for interviews on Trump administration efforts to streamline and reduce the size of the Consumer Financial Protection Bureau (CFPB).

Michel issued the following statement in reaction:

“There is absolutely nothing wrong with creating a more streamlined and efficient work force, even for government agencies. Regardless, Congress should shut down the CFPB – it was unnecessary to create the agency in the first place. Other federal agencies handled consumer protection before Congress created the CFPB, and fraud would still be illegal even if Congress eliminates the CFPB now.”

Michel appeared on CBS’ *60 Minutes* last Sunday to discuss shutting down the Consumer Financial Protection Bureau, which you can view [here](https://www.cato.org/multimedia/media-highlights-tv/nor-bert-michel-discusses-trump-administration-shutting-down).

In a column for [Forbes](https://www.cato.org/commentary/consumers-will-be-safe-without-cfpb), Michel highlighted that the U.S. currently has twelve separate federal financial regulators and state regulators for securities, banking, and insurance companies.

If you would like to speak with Michel on this issue, please contact me to set up an interview.

Best regards, 
**EMILY ADAMEC** 
Manager of Media Relations 
[eadamec@​cato.​org](mailto:eadamec@cato.org) 
O: (202) 216‑1410

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