On Wednesday, White House budget director Mick Mulvaney will make his first appearance before Congress as the head of the Consumer Finance Protection Bureau (CFPB), testifying before his former colleagues on the House Financial Services Committee. Last week, Mulvaney asked Congress to weaken and reign in the independence of the CFPB, and Democrats will likely ask him why the bureau has dropped cases against payday lenders and not issued any enforcement actions since President Trump appointed him in November. Under the previous CFPB head, Richard Cordray, the bureau announced moves to stop banks from certain practices or return money to consumers — between its founding in 2011 and Mulvaney's interim appointment, the CFPB returned $12 billion to consumers from financial institutions.
Supporters of the consumer protection bureau might also ask why Mulvaney has started to refer to the agency as the more bureaucratic-sounding Bureau of Consumer Financial Protection. "The right will treat Mr. Mulvaney as a noble hero doing yeoman's work and the left will treat him as a villain methodically unwinding the consumer protection regulatory regime," said Isaac Boltansky at Compass Point Research & Trading, previewing this week's testimony. Mulvaney faces the Senate Banking Committee on Thursday, where he is expected to butt heads with Sen. Elizabeth Warren (D-Mass.), who helped set up the bureau.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - November 24, 2024Cartoons Sunday's cartoons - taped bananas, flying monkeys, and more
-
The Spanish cop, 20 million euros and 13 tonnes of cocaineIn the Spotlight Óscar Sánchez Gil, Chief Inspector of Spain's Economic and Tax Crimes Unit, has been arrested for drug trafficking
-
5 hilarious cartoons about the rise and fall of Matt GaetzCartoons Artists take on age brackets, backbiting, and more
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
