The self-described acting director of the Consumer Financial Protection Bureau petitioned a federal judge late Sunday to block President Donald J. Trump from putting John M. “Mick” Mulvaney, the director of the Office of Management and Budget in charge of the rogue agency.
Richard Cordray named Leandra English as his deputy director Friday, his last day in office, and as such set up the crisis, English seeks to resolve with her petition to the federal courts asking that she be recognized as the acting director until the president has his own selection confirmed by the Senate.
“Leandra is a seasoned professional who has spent her career of public service focused on promoting smooth and efficient operations,” said Cordray, a native of Ohio, widely expected to return home to run for governor there.
“As deputy director, we will continue to benefit from Leandra’s in-depth knowledge of the operational needs of this agency and its staff,” he said.
English had a series of positions at the CFPB, including serving as the bureau’s chief of staff and deputy chief operating officer. Before joining the CFPB, English had senior positions in President Barack Obama’s Office of Personnel Management and his Office of Management and Budget.
While the Wall Street Reform and Consumer Protection Act of 2010, also known by Dodd-Frank for its two main sponsors Rep. Barnett “Barney” Frank (D.-Mass.) and Sen. Christopher J. Dodd (D.-Conn.), states that the deputy director becomes the acting director, but the president issued this statement Friday:
Today, the President announced that he is designating Director of the Office of Management and Budget (OMB) Mick Mulvaney as Acting Director of the Consumer Financial Protection Bureau (CFPB). The President looks forward to seeing Director Mulvaney take a commonsense approach to leading the CFPB’s dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities. Director Mulvaney will serve as Acting Director until a permanent director is nominated and confirmed.
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!
— Donald J. Trump (@realDonaldTrump) November 25, 2017
The president is exercising his authority as spelled out in the Federal Vacancies Reform Act of 1998, which allows the president to fill any vacancies that required a presidential nomination and Senate confirmation for 90 days. This was the president’s authority at the beginning of his administration that allowed him immediately send “landing teams” throughout the executive branch.
Saturday, the Justice Department sent a memorandum to White House Counsel Donald F. McGahn II with its interpretation of vacancies law, which acknowledges the conflict between Dodd-Frank and the 1998 law, but ruling that because the Dodd-Frank law is vague and puts no limit on the “temporary” filling of the vacancy at the CFPB, it must yield to the vacancies act.
Also, Saturday the CFPB’s top lawyer Mary McLeod circulated a memorandum, obtained by Politico, advising all CFPB employees to regard Mulvaney as the acting director.
Questions have been raised whether the President has the authority under the Federal Vacancies Reform Act (FVRA) to designate Mick Mulvaney, the Director of the Office of Management and Budget, as the Acting Director of CFPB following the resignation of Richard Cordray as of midnight, Friday, November 24, 2017, even if the Deputy Director otherwise could act under 12 U.S.C. § 5491(b)(5).
“This confirms my oral advice to the senior leadership team that the answer is “yes,” she wrote. “I advise all bureau personnel to act consistently with the understanding that Director Mulvaney is the Acting Director of the CFPB.”
Take note: McLeod’s memo and advice was circulated one day before the CFPB’s senior leadership team went ahead and filed suit in federal court.
The true foundress of the CFPB is Sen. Elizabeth Warren (D.-Mass.), who as an aide to President Barack Obama and a law professor at Harvard University.
— Elizabeth Warren (@SenWarren) November 27, 2017
It was Warren, who devised the CFPB’s convoluted governance with an all-powerful director and a relationship to the federal government that made it immune to congressional oversight by having it funded by the Federal Reserve, but with the central bank exercising any supervisory control.
Beyond the unprecedented independence of the bureau, the CFPB has enormous powers to interfere in private businesses and transactions, as well as its receiving a copy of every financial activity in the country.
From the bureau’s beginning, Congress has been concerned about so much power and access in the hands of the CFPB without oversight, but the agency, as designed by Warren, does not answer to Congress, it is only required to appear before the Senate Banking Committee and the House Financial Services Committee every six months.
Cordray’s last-minute move cannot be seen as anything other an attempt by members of the previous administration to hold onto a powerful and secretive agency with characteristics that could have it described the NSA of finance.
Rep. Jeb Hensarling (R.-Texas), the chairman of the House Financial Services Committee, pressed Cordray on his plans in August, because his five-year term did not expire until July.
Cordray was appointed as the director in 2012, but Senate Republicans kept the Democrats from the 60 votes required to end debate. When Senate Majority Leader Harry Reid (D.-Nev.) changed the Senate rules to remove the 60-vote requirement in July 2013, Cordray’s nomination was quickly confirmed. In another example of the Byzantine character of the CFPB, the Dodd-Frank law said that the bureau’s first director would run the agency as part of the Treasury Department, but as soon as the first director is confirmed, the agency would be spun-out of Treasury and put under the aegis of the Federal Reserve.
Hensarling said concern was that Cordray would rush the completion of a new regulatory regime, so that the director could resume his political career back home.
The tragedy of the star-crossed CFPB has not yet played out, but the next twist could be that Hensarling, who himself is retiring from Congress at the end of this session, could himself end up the next director of the bureau.
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
Politics3 days ago
Judge Amy Coney Barrett Recently Approved Democrat COVID-19 Lockdown Policies
Violent Left4 days ago
Bezos-Linked Thinktank Official Calls for Michael Anton’s Execution for Exposing Anti-Trump Color Revolution
Campaign 20203 days ago
WATCH: Joe Biden Struggles to Read Scripted Answers off a Teleprompter During An INTERVIEW
Congress4 days ago
He Found His Spine: Vulnerable Senator Cory Gardner Vows to Support Trump’s SCOTUS Nominee
States3 days ago
Billionaire Mike Bloomberg Pays $16 Million in Fines of Black and Hispanic Felons to Enable Them to Vote
ANTIFA3 days ago
EXPOSED: BLM Promises to Burn Louisville to the Ground Over Breonna Taylor Case
The Swamp2 days ago
CORRUPT: Hunter Biden Received $3.5 Million From Moscow Mayor’s Wife, Made Payments to Human Trafficking Suspects
Videos3 days ago
WATCH: Ben Shapiro Defends ‘Libertarian’ Policies of Open Borders and Mass Immigration