Your Cheddar hosts Kristen Scholer and Tim Stenovec discuss the top news of the day. A recent study is blowing the conception that millennials are bad at saving out of the water. Plus, the Federal Reserve has a new Chairman....but they're coming in at a time where the U.S. dollar is at its lowest. All these and more on today's episode of Your Cheddar. According to a new report, 16% of millennials have $100,000 or more in their savings account. Which proves that millennials may actually know what they're doing with their money. Other findings: 59% feel financially secure, 63% save money and 54% are budgeting. Plus, Jerome Powell will take over for Janet Yellen as Federal Reserve Chairman in early February. Powell has been a Federal Governor since 2012. However, Powell is stepping into this position as the U.S. dollar is at its weakest point since 2014. The dollar's continuing decline is driven by a growing belief that major central banks outside the U.S. will shift away from their ultra-easy monetary policies this year.

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Trump Administration Shutters Consumer Protection Agency
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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