December 4, 2017
President Trump’s executive orders slashing onerous Obama-era regulations on industry have been credited with kick-starting the sluggish economy and rocket-boosting the stock market.
But there’s one mountain of red tape that’s eluded his machete — the Obama-created Consumer Financial Protection Bureau. Until now.
Last week, the White House finally wrested control of the mammoth regulatory agency following the resignation of CFPB Director Richard Cordray, an Obama appointee and liberal Democrat who quit his special five-year post early to run for Ohio governor. Trump installed his conservative budget director, Mick Mulvaney, to temporarily take over the powerful agency — which has the authority to determine the “fairness” of virtually every financial transaction in America.
On his first day on the job, Mulvaney instated a 30-day freeze on all new hiring and regulations at the CFPB, triggering a collective sigh of relief from the financial industry.
“It is a completely unaccountable agency, and I think that’s wrong,” Mulvaney explained. “If the law allowed this place not to exist, I’d sit down with the president to try to make the case that other agencies can do this job well if not more effectively.”
This article was posted: Monday, December 4, 2017 at 8:25 am