Mick Mulvaney, the Director of the Consumer Finance Protection Bureau, just showed Congress what a monster they have created. Can you believe that the head of the CFPB does not have to even speak to Congress or answer their questions? Who created this bureau that has no oversight? You might want to look at the involvement of Senator Elizabeth Warren. This is her baby, warts and all. This bureau is a loose cannon looking for a target. The target, by the way, is the national economy. Its policies can make or break your business.
As Written and Reported By Joseph Lawler for the Washington Examiner:
Mick Mulvaney told a panel of senators Thursday that while he was required by law to appear before them as acting director of the Consumer Financial Protection Bureau, he doesn’t have to answer any of their questions, and could ignore them if he wanted.
“While I have to be here by statute, I don’t think I have to answer your questions,” Mulvaney said at the hearing’s outset.
Mulvaney was making the point that the law authorizing the CFPB says that the director should appear before the congressional banking committees twice a year when it publishes its semiannual report. But the text doesn’t specifically say that the director needs to answer questions. In other parts of the law that require regulators to appear before Congress, the text does explicitly say that the person in question should answer questions.
Mulvaney, who also serves as the director of the Office of Management and Budget and previously was a conservative Republican on the House Financial Services Committee, explained that he was trying to make a point about the law, not to avoid fielding….
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