President Trump is currently dismantling the Consumer Financial Protection Bureau, removing cases initiated during Joe Biden’s presidency. The CFPB, established to safeguard consumers from financial fraud, may soon go out of business, raising concerns about consumer protection. However, instead of relying on the CFPB, consumers have the option of turning to the one million attorneys who can provide legal assistance.

While critics often disparage lawyers, they play a vital role in monitoring the financial marketplace. Private lawyers are preferable to additional government oversight. For instance, despite dropping a case against Capital One, Trump’s administration, private lawyers filed multiple class-action lawsuits against the bank in Virginia. This illustrates how private lawyers can effectively tackle financial misconduct even without the CFPB’s involvement.

Private lawyers are incentivized to seek justice, unlike government employees who are paid irrespective of the outcome. Additionally, lawyers are impervious to political pressures, ensuring unbiased enforcement of financial regulations. By relying on the private sector to police the marketplace, the U.S. has fostered a prosperous economy where innovation thrives.

Although private lawyers have limitations and may require government intervention in some cases, state attorneys general are already equipped to pursue legal action against wrongdoers. Therefore, abolishing the CFPB in favor of private legal counsel is a more effective approach to ensuring consumer protection.