Subscribe to the Blunt Force Truth podcast

Trump cracks the whip on leftwing CFPB

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:

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.



Want more BFT? Leave us a voicemail on our page or follow us on Twitter @BFT_Podcast and Facebook @BluntForceTruthPodcast. We want to hear from you! There’s no better place to get the #BluntForceTruth.