The head of the Consumer Financial
Protection Bureau formally called on Congress to sharply reduce his agency's
authority. Among the suggestions he delivered Monday: Any major new rules the
bureau makes should be subject to lawmakers' approval.
Mulvaney — who has been an outspoken critic of the consumer protection bureau
since before President Trump appointed him as its acting director last year —
also wants Congress to change how the bureau is funded, make its director
subject to dismissal by the president for any reason and create an inspector
general specifically for it.
bureau is far too powerful, with previous little oversight of its
activities," Mulvaney said in submitting his first report to Congress.
power wielded by the director of the bureau could all too easily be used to
harm consumers, destroy businesses, or arbitrarily remake American financial
markets," Mulvaney said as he sent the bureau's semiannual report to lawmakers ahead of
hearings next week, adding that the changes he proposed would "establish
Can't Mulvaney and Congress just shut the thing down?