Mick Mulvaney wants to reshape the CFPB
"Mick Mulvaney Is Having a Blast Running the Agency He Detests ... Trump’s pick to lead the Consumer Financial Protection Bureau says he wants to give it the credibility of the SEC" — Bloomberg's Devin Leonard and Elizabeth Dexheimer.
The backdrop: Mulvaney served three terms in Congress as a member of the Tea Party, where he railed against the premise of the CFPB and its place in America. Now, he's trying to transform it into a government creation that matches his worldview.
- "Six months into his tenure, Mulvaney [who remains White House budget director while serving as acting CFPB director] is doing everything he can to transform the CFPB from a regulatory crown jewel of liberals."
- "He’s frozen data collection in the name of security, dropped enforcement cases, and directed staff to slash next year’s budget."
- "He also wants to curb the agency’s independence by giving Congress — rather than the Federal Reserve — control of its spending, and replace the powerful director position he fills with a five-person commission."
- Mulvaney: “We are still Elizabeth Warren’s child ... As long as we’re identified with that one person, we’ll never be taken as seriously as a regulator as we should.”
- Keep reading.