One of the most out-of-control federal agencies, the zero-accountability, zero-budget-constraints Consumer Protection Financial Bureau. is finally looking at efforts to rein it in, courtesy of the Trump administration.
In a story that ran in today’s Wall Street Journal:
WASHINGTON—The Trump administration wants to limit a federal regulator’s independence in policing the consumer-finance industry, the latest salvo by the White House to roll back Obama-era oversight put in place after the financial crisis.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, on Monday asked Congress to pursue sweeping changes giving the executive and legislative branches control over the bureau’s regulations, leadership and budget. Major CFPB rules would need congressional approval, for instance, and the CFPB’s director would answer directly to the president, instead of being fully independent. Its funding, which currently comes from the Federal Reserve, would be handled by Congress.
The changes would be a substantial departure from the CFPB’s structure, which currently gives it wide latitude to oversee consumer financial products without interference from Congress or the White House, and make it less independent than other banking and markets regulators.
Read more here.
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