White House Budget Director Mick Mulvaney has risen from the ranks of the House Freedom Caucus to become one of the most powerful Trump administration officials in the country, as he becomes the head of the Consumer Financial Protection Bureau (CFPB). He says his level of power should “frighten” the masses, because the amount of centralized power that has amassed in Washington D.C.
“The structure of the CFPB is just fundamentally flawed. Authority that I have now as the acting director really should frighten people,” Mulvaney said on an episode of “Lou Dobbs Tonight” on Fox Business.
“You can sit down in a room with three or four people, and say, well, let’s go off and do this, and there is no accountability to Congress. I could set the budget pretty much without any input from Congress, in fact, without any input from Congress,” Mulvaney said.
“We’re going to try and limit as much as we can what the CFPB does to sort of interfere with capitalism and with the financial services market.”
Mulvaney was appointed as the temporary head of the CFPB after a power struggle with Obama-era bureaucrats who went to federal court to try and keep their stranglehold on their position. Former CFPB Director Richard Cordray appointed deputy director Leandra English, who felt she was entitled to the position and expected a federal judge to rule in her favor. She did not get her way.
“Denying the president’s authority to appoint Mr. Mulvaney raises significant constitutional questions,” U.S. District Judge Timothy Kelly said in issuing the ruling.
“Nothing in the statutes prevents Mr. Mulvaney from holding both of these positions,” Kelly said, referring to Mulvaney’s status as budget director and CFPB director.
With the pesky leftovers out of the way, Mulvaney can get to the work of reforming this out-of-control regulatory agency.
“There is no accountability to the American taxpayers here and that’s wrong,” he said. “I’m hopeful that it will change.”