Quantcast
Connect with us

Trump names White House budget director Mulvaney acting head of consumer agency

Published

on

U.S. President Donald Trump has designated White House Budget Director Mick Mulvaney acting director of the Consumer Financial Protection Bureau until a permanent director is nominated and confirmed, the White House said on Friday.

The action came hours after Richard Cordray submitted his formal resignation and named a deputy director as his replacement, setting the stage for a political and legal battle over the regulator’s leadership.

“The president looks forward to seeing Director Mulvaney take a common sense approach to leading the CFPB’s dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities,” the White House said in its statement.

Democratic lawmakers are eager to preserve the regulator for as long as possible while Republicans want to put in place new leadership to chart a drastically different course.

The six-year-old bureau has policed consumer financial markets, drafting aggressive rules curbing products like payday loans, while issuing multimillion dollar fines against large financial institutions like Wells Fargo.

ADVERTISEMENT

But Republicans have consistently complained the agency is too powerful and lacks oversight from Congress on its operations, and they are eager to take control.

Mulvaney, who has criticized the bureau in the past, said, “I look forward to working with the expert personnel within the agency to identify how the bureau can transition to be more effective in its mission, while becoming more accountable to the taxpayer.”

The succession plan has never been tested, with Cordray as its first and only full-time director.

ADVERTISEMENT

Cordray had previously announced plans to resign by the end of November. In a statement to staff, he said that Leandra English, the CFPB’s chief of staff, had been named deputy director and would take over as acting director of the agency upon his exit.

However, the White House had already said it planned to name its own interim leadership at the regulator.

Trump has pushed to ease regulations on businesses, including the financial sector, a stance seemingly at odds with Cordray’s more aggressive regulatory approach.

ADVERTISEMENT

Earlier this month, White House deputy press secretary Raj Shah said that the administration “will announce an acting director and the president’s choice to replace Mr Cordray at the appropriate time.”

There are competing theories in Washington as to who can name Cordray’s replacement. Democrats point to language in the Dodd-Frank law that created the CFPB, stipulating the deputy director replaces the director when he or she leaves.

But others say a separate law governing federal vacancies gives Trump power to name someone elsewhere in the administration to that role temporarily, while the White House identifies a full-time nominee who would be confirmed by the Senate.

ADVERTISEMENT

(Reporting by Pete Schroeder; Additional reporting by Makini Brice; Editing by Rosalba O’Brien and Lisa Shumaker)


Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Alabama GOP Senate candidate bitterly complains TV has been ruined by showing too many ‘homosexual activities’

Published

on

Alabama Republican Senate candidate John Merrill this week complained that he doesn't enjoy watching television anymore due to the excess amount of "homosexual activities" that appear on his screen.

In an interview with AL.com, Merrill said that the lack of positive moral content on television these days has led to a decline in the nation's morality.

"There’s no more TV shows like ‘Gunsmoke’ or ‘Bonanza’ or ‘The Virginian’ or ‘I Love Lucy’ or ‘Andy Griffith,'" he said "People are too interested in homosexual activities. They’re too interested in the wife-swap TV shows and the shows that are not morally uplifting. That’s the problem."

Continue Reading

Facebook

US manufacturing sinks into recession amid Trump’s trade wars

Published

on

US manufacturing sunk into recession in June after two consecutive quarters of declines amid President Donald Trump's bitter trade wars, a slowdown in China and other trading partners.

The decline comes as the United States enters its 11th year of economic recovery and occurs despite Trump's constant pledges to restore America to manufacturing greatness -- even though services now drive three quarters of the US economy.

Despite jumping in June, manufacturing fell by a 2.2 percent annual rate in the April-June period, and total industrial production lost 1.2 percent, in both cases the second consecutive quarterly decline, the Federal Reserve said Tuesday.

Continue Reading
 

Facebook

Meghan McCain baffles co-hosts by instantly contradicting herself on Fox News and Alexandria Ocasio-Cortez

Published

on

Meghan McCain described "The Squad" of first-year Democratic lawmakers as the "face" of the party -- and then complained when co-host Sunny Hostin pointed out that's how Republicans and Fox News were trying to portray them.

Hostin called President Donald Trump a racist for telling the lawmakers -- Reps. Alexandria Ocasio-Cortez, Ilhan Omar, Ayanna Pressley and Rashida Tlaib -- to go back to their home countries, and co-host Joy Behar said he was "stupid" for launching those ugly attacks.

"I don't think he's stupid," McCain countered, "but I don't think he's politically astute at all because the politics of this -- on Friday night the progressives and Nancy Pelosi was full 'Gangs of New York'-style fighting with one another on Twitter. It was fascinating to watch."

Continue Reading
 
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

close-image