In 2014, then-Tea Party Congressman Mick Mulvaney called the new Consumer Financial Protection Bureau a “sick, sad joke.”
When asked what changes he’d like to make to the CFPB, Mulvaney replied: “Well some of us would like to get rid of it.” And in 2015, he cosponsored a bill that would do just that.
Wanna hear a real sick, sad joke? Yesterday, Donald Trump announced that he is going to name Mick Mulvaney to be the CFPB’s acting director.
Donald Trump does NOT have the power to do this. The Dodd-Frank Act is clear: if there is a CFPB Director vacancy, the Deputy Director becomes Acting Director. Trump can nominate the next CFPB Director – but until that nominee is confirmed by the Senate, Deputy Director Leandra English is the Acting Director under the Dodd-Frank Act.
We knew that Donald Trump was likely going to use Rich Cordray’s departure as his chance to dismantle the CFPB. Earlier this year, he promised corporate CEOs that he would deliver “a major elimination of the horrendous Dodd-Frank regulations.” And now, he could do it.
I fought my heart out to build this little agency – and I’ll be damned if we let Donald Trump, Steve Mnuchin, and Mick Mulvaney destroy it without a fight.
But this has never been my fight alone. When the financial industry spent a million dollars a day trying to stop Wall Street reform and the CFPB, people like you in Massachusetts and across this country stood up to their army of lawyers and lobbyists and won. We did it before, and we can do it again.
We fought Donald Trump when he named an Education Secretary who doesn’t believe in public education. We fought him when he named an EPA director who doesn’t believe in climate change. We fought him (and won) when he named a Labor Secretary who doesn’t believe in unions. And we will fight him now to stop an Acting CFPB director who doesn’t believe in protecting working families from the big Wall Street banks.