Mick Mulvaney Wants To Eliminate CFPB’s Independence

CFPB Director Mick Mulvaney Who Once Called The Agency A “Sad Joke” Wants Congress To Dictate CFPB Policy

CFPB Mick Mulvaney continued his push to eliminated the power and influence of a federal agency that he once called a “sick, sad joke.”

He asked Congress Monday to significantly increase its oversight of the Consumer Financial Protection Bureau. CFPB policy would then be based on the flakey political whims of 535 members of Congress.

The CFPB issued its first semi-annual report to Congress since Mulvaney took over as acting director of the agency last year.

Mick Mulvaney asked Congress to enact four major reforms that would considerably cut the CFPB’s independence:

The Bureau is far too powerful, with precious little oversight of its activities. The power wielded by the Director could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets. I’m requesting that Congress make four changes to the law to establish meaningful accountability for the Bureau. I look forward to discussing these changes with Congressional members.

The CFPB was born out of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The agency operates independently and does not answer to Congress.

Read more at MFI-Miami