Maxine Waters Tries to Cancel Changes at Consumer Watchdog Agency
Congresswoman Maxine Waters (D-CA)unveiled a bill Tuesday to undo Consumer Financial Protection Bureau (CFPB) policies instituted by acting Director Mick Mulvaney. Waters charges that by allowing a White House official to run what should be an independent regulatory agency, Mulvaney has potential conflicts of interests serving in dual roles at the CFPB, the agency responsible for protecting consumers in the financial sector, and the Office of Management and Budget. Mulvaney has dispatched a number of political appointees to control the work of the professional, career employees. Waters, the Ranking Member of the House Financial Services Committee, proposes to implement a limit on the number of political appointees hired by the Bureau. She also wants the agency to be referred to as the "Consumer Financial Protection Bureau" going forward. Mulvaney has led the charge to call the organization the “Bureau of Consumer Financial Protection,” the name it was given under the Dodd-Frank Act. Waters’ bill comes as Eric Blankenstein, the CFPB’s Director of Supervision, Enforcement and Fair Lending, has come under fire for blog posts he wrote in 2004 dismissing hate crimes and questioning whether using the n-word was racist. “It is clear that President Trump and his Budget Director are doing everything in their power to roll back consumer protections, strip the Consumer Bureau of its resources and prioritize Wall Street at the expense of consumers,” said Waters. “My bill, the Consumers First Act, would reverse the harmful changes the Trump Administration has imposed on the Consumer Bureau by restoring the agency’s supervisory and enforcement powers and increasing the transparency and accountability needed for the agency to carry out its important mission.” More here.