The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick. Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life!
The process for succession laid out in Dodd Frank is clear: Leandra English, not Mick Mulvaney, is the acting dir of @CFPB. By attempting to install Mr. Mulvaney as director, the Trump admin is ignoring the established, legal order of succession that we purposefully put in place.
Arkansas Republican Senator Tom Cotton, a member of the chamber’s banking committee, called Ms English’s lawsuit “just the latest lawless action” by the CFPB, which he called “rogue” and “unconstitutional”.
“The President should fire her immediately and anyone who disobeys Director Mulvaney’s orders should also be fired summarily,” Mr Cotton wrote in a statement.
But Illinois Democratic Senator Dick Durbin told CNN the White House decision was aimed at eradicating the CFPB.
“Wall Street hates it like the devil hates holy water,” he said.
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