Economic Liberties Applauds CFPB’s Big Tech Financial Orders
Washington, D.C. — The American Economic Liberties Project released the following statement in response to news that the Consumer Financial Protection Bureau, under new leadership from Director Rohit Chopra, today ordered the Big Tech platforms to provide detailed information about how they handle consumers’ financial information.
“A week in, CFPB Director Rohit Chopra is already proving he knows how to use his authority to stand up to Big Tech,” said Sarah Miller, Executive Director of the American Economic Liberties Project. “Big Tech is pushing deeper and deeper into banking, commingling digital marketplaces with consumers’ financial data, centralizing sensitive information, raising privacy and pricing concerns, and increasing the risks of data breaches and abuse. The CFPB’s orders will force Big Tech to come clean on their surveillance, data collection, and payments systems and provide regulators another important window in their sprawling empires.”
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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.