Mulvaney proposes to trim Obama-era consumer ‘watchdog’ agency’s power

Mulvaney proposes to trim Obama-era consumer ‘watchdog’ agency’s power
Obama nominates Richard Cordray to head new CFPB, championed by Elizabeth Warren, in 2011. (Image: White House (Obama), Lawrence Jackson)

[Ed. – Elizabeth Warren hardest hit.]

The head of the U.S. Consumer Financial Protection Bureau asked Congress on Monday to trim the agency’s power to write rules and spend money.

Mick Mulvaney, the head of the CFPB, said the agency has the kind of power that should only rest with Congress.

“The Bureau is far too powerful, with precious little oversight of its activities,” Mulvaney told Congress in a routine report.

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“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.” …

Mulvaney recommended four ways to curtail the CFPB’s power.

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