FreedomWorks Foundation on the CFPB Showdown

FreedomWorks Foundation Director of Policy, Patrick Hedger, released the following statement on the showdown at the Consumer Financial Protection Bureau (CFPB) as to who is Acting Director.

"The real controversy is not over whether or not President Trump has the legal authority to appoint OMB Director Mick Mulvaney to head the CFPB. He very clearly does under the Vacancies Act.

“The actual threat to the Constitution is the CFPB itself. The CFPB acts without any of the same executive or legislative checks placed on other agencies. It has thus proceeded to drown the financial industry in an impressive amount of red tape for its short existence, restricting access and raising the cost of financial tools and credit–quite the opposite of protecting consumers.

“In short, the CFPB shouldn’t exist in the first place. However, so long as it does exist, Director Mulvaney’s track record and commitment to regulatory reform and reigning in rogue agencies makes him the perfect pick to head this abomination."