FAUXCAHONTAS: ‘You’re hurting real people to score cheap political points….’
(The Hill) Members of a Senate panel and White House budget director Mick Mulvaney agreed on just one thing Thursday: No one is happy with his power as acting director of the Consumer Financial Protection Bureau (CFPB).
While Republicans on the Senate Banking Committee praised Mulvaney for using his expansive, unchecked authority to rein in an agency they’ve loathed for half a decade, they expressed deep concerns about what that power could yield under another official.
Several questioned whether the CFPB should even exist, while others called for strict checks and fundamental changes to the agency’s structure.
Democrats who had long defended the CFPB portrayed Mulvaney as a usurper who has chained up a once powerful protector of consumers.
‘You’ve taken obvious joy in talking about how the agency would help banks much more than consumers,” said Sen. Elizabeth Warren (D-Mass.), the architect and most prominent defender of the CFPB. “You’re hurting real people to score cheap political points.”
President Trump appointed Mulvaney to be acting chief of the CFPB after former director Richard Cordray, a Democrat, resigned to run for governor of Ohio.
Mulvaney had opposed the bureau’s existence as a GOP congressman from South Carolina and was involved in Republican efforts to gut the bureau.
Mulvaney, who also appeared before the House on Wednesday, urged lawmakers to take control over the CFPB’s funding, install an independent inspector general and disperse the director’s power to regulate and litigate among a broader array of bureau leaders.
Even so, Mulvaney made it clear that he saw no reason for the CFPB to exist at all.
“You could protect consumers without me being here,” Mulvaney said…Original Source…