Another money laundering scheme by the Democrats.
Via NY Post:
President Trump’s executive orders slashing onerous Obama-era regulations on industry have been credited with kick-starting the sluggish economy and rocket-boosting the stock market. But there’s one mountain of red tape that’s eluded his machete — the Obama-created Consumer Financial Protection Bureau. Until now.
Last week, the White House finally wrested control of the mammoth regulatory agency following the resignation of CFPB Director Richard Cordray, an Obama appointee and liberal Democrat who quit his special five-year post early to run for Ohio governor. Trump installed his conservative budget director, Mick Mulvaney, to temporarily take over the powerful agency — which has the authority to determine the “fairness” of virtually every financial transaction in America.
On his first day on the job, Mulvaney instated a 30-day freeze on all new hiring and regulations at the CFPB, triggering a collective sigh of relief from the financial industry.
“It is a completely unaccountable agency, and I think that’s wrong,” Mulvaney explained. “If the law allowed this place not to exist, I’d sit down with the president to try to make the case that other agencies can do this job well if not more effectively.”
Already regulated by half a dozen other federal agencies, bankers have complained the new agency has too much power, is too partisan and has abused its regulatory authority over the past six years. Congressional Democrats established the CFPB in 2011 as part of the post-crisis financial overhaul.
Though most agreed at the time banks required more government supervision, concerns about the CFPB arose when it overstepped its statutory authority and started cracking down on auto sellers in addition to home mortgage lenders. It also has targeted for the first time credit-reporting agencies, while trespassing in the areas of debt collection, student loans, school accreditations and credit unions, among others.