Consumerman Herb Weisbaum warns of ‘wild west’ marketplace as federal protections weaken

The Trump administration has been aggressively reducing the federal government’s role in the lives of citizens in many ways, including weakening several consumer protection agencies. The moves have hit a nerve with Consumerman Herb Weisbaum of checkbook.org.

“Without federal regulations, the marketplace is the wild, wild west,” Weisbaum said on “Seattle’s Morning News” on KIRO Newsradio Thursday. “The way I see it, the government is supposed to protect the vulnerable from predatory business practices, whether that’s using deceptive advertising and making dangerous products, or selling financial products that cause financial harm. And the way they do that is by having rules that tell businesses what they can and cannot do, and then if they break the rules, they have to do enforcement actions.”

Weisbaum: Marketplaces left unchecked are ‘very dangerous’

Weisbaum said agencies are being decimated because of a reduction in staff, rules are being taken off the books, and the government is saying they are not going to enforce the rules. Adding that businesses left unchecked can be “very dangerous” for the consumer.

“I see a much more open marketplace and businesses being able to take advantage of consumers,” he shared. “And I find that very sad, because my job is to protect people.”

When asked what his advice would be to the consumer, Weisbaum responded: “I really don’t think there’s anything we can do, even me. I mean, you have to be more careful with what you do. But the problem is, we don’t have the ability to know what’s going on in the marketplace like a federal regulator does. We can’t spot this stuff.”

“I just hope people who feel strongly about this and want the government to do something to protect them—will let their lawmakers know, will let the administration know, and just realize that all rules aren’t bad,” he added. “You get rid of bad rules. You keep good rules because they’re there to protect us all. At least that’s my two cents.”

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