The controversial acting director of the Consumer Financial Protection Bureau is calling on Congress to defang the bureau before it does too much harm to financial markets.
In his first report to Congress as head of the CFPB, Mick Mulvaney warned lawmakers that the financial services regulator is far too powerful and has too little oversight.
“The power wielded by the director of the bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets,” he said.
So Mulvaney is asking legislators to make four changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
First, Mulvaney wants the CFPB to be funded through
Congressional appropriations.
Next, he wants legislative approval required for major rules implemented by the bureau.
Another change he wants is to
ensure that the director answers to the president in the exercise of executive authority.
Finally, Mulvaney wants an independent inspector general created for the CFPB.
“As part of its regulatory work, in February 2017, the bureau established a task force to help identify and reduce unwarranted regulatory burdens consistent with its objectives under the Dodd-Frank act,” today’s announcement said.
While Mulvaney is carrying out campaign promises from President Donald J. Trump, Congressional Democrats have been sharply critical of him as he appears to dismantle many of the protections put in place by the Obama administration through the former director of the CFPB, Richard Cordray.
