|Subject:||a sick joke|
|Date:||Fri, 8 Dec 2017 11:58:22 -0500 (EST)|
|From:||Robert Weissman, Public Citizen <firstname.lastname@example.org>|
Donald Trump wants to destroy the most important government protection we have against Big Bank ripoffs and financial company scams.
Today, we’re filing papers in federal court to block his sabotage.
Since its launch in 2010, the Consumer Financial Protection Bureau — the brainchild of now-U.S. Senator Elizabeth Warren — has been the top cop that we need on the financial beat.
It has cracked down on bank, credit card and student loan rackets.
It has returned more than $12 billion to 29 million consumers, and likely deterred schemes that would have cost consumers even more.
Now, the agency is in a leadership crisis.
Two weeks ago, the CFPB’s director resigned.
Leandra English, his recently appointed deputy — who has worked at the agency for years and is committed to holding banks accountable — stepped in as acting director.
But Donald Trump has sought instead to install Mick Mulvaney as the acting director.
Mulvaney — who is the director of the Office of Management and Budget — has called the CFPB a “sick joke” and is hostile to its very existence.
In an eight-year career in Congress, Mulvaney took more than $1.2 million in campaign contributions from the financial sector.
The dispute about who should run the CFPB is now playing out in federal court.
Today, on behalf of a coalition of consumer groups, we filed a brief explaining why putting this politician in charge of the agency is so damaging to the CFPB’s ability to fulfill its important consumer protection mission.
Here’s how we put the threat posed by Mulvaney in our legal brief:
- “Defendant Mulvaney has made clear that if he leads the agency, he will drastically pare back the CFPB’s mission work, in stark denial of the public interest expressed in the Dodd-Frank Act.”
- “In his first week at the agency, he attempted to freeze hiring and contracting, and halt statutorily-mandated mission work: rulemaking and guidance, enforcement actions, and payments from the CFPB’s Civil Penalty Fund.”
- “His goal is fundamentally irreconcilable with the CFPB’s consumer protection mission.”
This fight is not just about who should run the CFPB.
It’s about protecting consumers.
It’s about whether banks have a virtually free hand to rip us off.
It’s about whether the financial sector will be permitted to engage in the same kind of recklessness and illegality that caused the 2008 financial crash.
Thank you for all you are doing in these unprecedented times.
President, Public Citizen
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