The US Consumer Financial Protection Bureau is a “Sick, Sad Joke”
President Donald Trump declared that he would bring the Consumer Financial Protection Bureau (CFPB) “back to life,” and criticized how the agency has been devastating to financial institutions under the Hussein Obama Admin’s leadership.
“The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations [sic] pick,” President Trump Tweeted Saturday. “Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life.”
President Trump also recommended a WS-J Editorial, which criticized the CFPB as failing at its central mission.
President Trump’s criticism of the CFPB’s leadership under former director Robert Cordray underscores a potential struggle for control of the agency, which has been a darling of progressive Senator Elizabeth ‘Pocahontas’ Warren (D-Mass) since its inception with the Y 2010 Dodd-Frank Act.
Mr. Cordray announced he would resign his post at the CFPB earlier this month, long before his term expires in Y 2018.
The White House appointed Mick Mulvaney, current director of the Office of Management and Budget (OMB), to lead the agency until the President could nominate a permanent director.
Mr. Cordray appointed his own interim successor when he left Friday, his Chief of Staff Leandra English, who was promptly sacked by President Trump saying the “Mulvaney will show up Monday, go into the office and start working.”
Mr. Mulvaney publicly criticized the CFPB, dubbing it a “Sick, Sad Joke” in Y 2014.
Note: The White House is defending the appointment over Rep. Maxine Waters’ (D-CA) objection, saying the Federal Vacancies Act allows the President to override the line of succession to head the CFPB.
“The Vacancies Act is also there as a way that the president can supersede the way those agency statutes work,” a White House official said.
Draining The Swamp and Making America Great Again
Have a Happy weekend.