May 25, 2018 - Politics

Mick Mulvaney wants to reshape the CFPB

Mick Mulvaney testifying before Congress

"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.

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Why this matters: The revelations present a dramatic 11th hour turn in Trump's Senate impeachment trial. They directly contradict Trump's claim that he never tied the hold-up of Ukrainian aid to his demands for investigations into his political opponent Joe Biden.

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