Concerns Raised by Financial Experts about Consumer Protections and Costs in the Current Trump Administration

CHICAGO (WLS) — Financial experts are raising concerns about consumer protections and increased costs.

The White House told the I-Team that its DOGE cuts to government spending and increased energy production will lower inflation.

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But one consumer group is questioning some of President Donald Trump’s changes, and says they could cost consumers.

“A lot of these things sound better than they really are,” said Ted Rossman, a senior industry analyst at Bankrate.

During his campaign, the president proposed capping credit card interest rates, a measure that is now being considered as a bipartisan bill in the Senate. This bill aims to limit credit card interest rates to 10%.

Financial experts warn that the financial industry may oppose this bill, arguing that it could affect their profitability. They claim that capping interest rates could lead to a reduction in rewards and access to credit for consumers.

Furthermore, with inflation on the rise, consumers may increasingly rely on credit to manage their expenses. While inflation rates are expected to decrease gradually, it is unlikely that prices will return to pre-2019 levels solely through current administration policies.

“True deflation, prices falling, is really bad for the economy. So, what they’re shooting for is growth, but slower growth. I mean, let’s face it. Trump won the popular vote. A lot of people think that he was going to wave this wand, and all these prices were going to roll back, and a couple months in, the fact that they haven’t,” Rossman said.

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In a statement to the I-Team, a White House spokesperson said, “In his second term, President Trump will again implement an America First agenda to reindustrialize the United States and revitalize working class prosperity.”

The White House also says that gas and diesel prices are lower due to what it calls a pro-drilling and deregulatory approach, which is critical to lower costs for the farming and transport of food.

But Rossman says tariffs could slump progress, if international companies pass those tariff costs onto consumers.

“And people are stressed about that. Some are already adjusting their buying decisions, and they’re accelerating purchases, and they worry that if that washing machine or refrigerator, or TV or car,” Rossman said.

The Trump administration says tariffs will boost U.S. manufacturing and protect jobs. A White House spokesperson said raising wages through private sector-led growth will increase buying power.

But what about protecting consumers from rip-offs and scams? Many experts, including Rossman, have major concerns with the future of the Consumer Financial Protection Bureau, after DOGE cuts.

“Some are worried that if the CFPB is not looking out for your interest, then who is?” Rossman said.

The CFPB has retrieved more than $21 billion for consumers since it opened in 2011, specializing in banking financial and banking complaints.

Consumers can also make financial complaints to other agencies, like the Federal Reserve, and other consumer fraud complaints to the Federal Trade Commission.