Consumer Bureau Crisis is a Democrat Creation | NTK Network Consumer Bureau Crisis is a Democrat Creation

Consumer Bureau Crisis is a Democrat Creation

A court will decide who the true leader of the Consumer Financial Protection Bureau is, but it’s clear to see who’s to blame for this deadlock.

By NTK Staff | 11.28.2017 @9:13am
Consumer Bureau Crisis is a Democrat Creation

A little-known federal bureau is causing a big ruckus in Washington this week.

On Friday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray stepped down from his post. President Donald Trump named Office of Management and Budget (OMB) Director Mick Mulvaney to serve as the bureau’s interim director on Monday.

That move triggered a lawsuit from the CFPB’s deputy director, Leandra English, who believes she should be the next bureau director.

But while that battle plays out in a courtroom, Politico notes that one thing is clear: “Democrats have only themselves to blame.”

The CFPB, a brainchild of liberal Massachusetts Sen. Elizabeth Warren, was created by the landmark Dodd-Frank Act as an independent agency run by a presidential appointee with vast unilateral power — and now the president making the appointment is Trump.

In truth, the bureau has been mired in controversy since its creation. Warren has built a political career railing against Wall Street. Cordray infuriated industry and inspired lawsuits. And the bureau itself is unique, investing great power in one person with almost no accountability.

It was predictable that such a toxic mix would eventually explode. Now Democrats are facing the consequences of their decision to protect the agency’s powerful independent director.

Business lobbyists are pushing for a commission to run the CFPB to alleviate future issues that arise from transitions of power. But given the bureau’s role at the center of a partisan battle, it’s unlikely that structural change will happen any time soon.

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