Consumer Financial Protection Bureau and Richard Cordray

 image credit: americandigitalnews.com

From the L.A. Times:

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.

Mick 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.

"The bureau is far too powerful, with previous little oversight of its activities," Mulvaney said in submitting his first report to Congress.

"The 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 meaningful accountability."

Can't Mulvaney and Congress just shut the thing down?

Note to Cleveland Tea Party readers: This is the agency that Richard Cordray ran for over five years. Now he is running for Governor of Ohio.

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