President Donald Trump may nominate Office of Management and Budget Director Mick Mulvaney to head the Consumer Financial Protection Bureau (CFPB) temporarily, according to Bloomberg News.
Current CFPB Director Richard Cordray announced on Wednesday that he will step down at the end of the month; Republicans frequently chastised Cordray, alleging that he abused his power as director of the agency.
Sources with inside knowledge of the matter said that Mulvaney and Treasury Secretary Steven Mnuchin have been considered to run the CFPB temporarily, while President Trump looks to find a replacement.
The White House has considered George Mason University Mercatus Center’s Todd Zywicky, former congressman Randy Neugebauer, former Fannie Mae general counsel Brian Brooks, and acting Comptroller of the Currency Keith Noreika. The Trump administration reportedly will consider Republicans who have worked as state attorneys general or people with experience in the financial industry.
The House passed the Financial CHOICE Act, which would repeal sections of the 2010 Dodd-Frank financial overhaul and would allow the president to remove the CFPB director without cause, compared to the current law which prevents the president from removing the head of the agency at will.
House Financial Services Chairman Jeb Hensarling (R-TX) said in a statement:
The resignation of the Bureau’s director is an excellent opportunity to enact desperately needed reforms. The Bureau has an important mission. Properly designed and led, it can truly protect consumers by ensuring they have access to competitive markets that are vigorously policed for fraud. That’s the best way to provide consumers with more affordable choices for the financial products and services they want and need. Americans deserve the opportunity to choose the checking account they want, the mortgage they want and the credit card they want. I look forward to working with President Trump’s choice for CFPB director to protect consumers.
Congressman French Hill (R-AZ) said in a statement, “The CFPB has been arguably the least accountable independent government agency. I’m pleased to hear that Director Cordray will be stepping down. We need new leadership that brings accountability to this rogue agency and respects our laws while implementing much-needed reforms.”