Mulvaney requests no funding for Consumer Financial Protection Bureau
Source: Politico
By MICHAEL GRUNWALD 01/18/2018 09:00 AM EST
Every quarter, the Consumer Financial Protection Bureau formally requests its operating funds from the Federal Reserve. Last quarter, former director Richard Cordray asked for $217.1 million. Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that. And yesterday, President Donald Trumps acting CFPB director, Mick Mulvaney, sent his first request to the Fed.
He requested zero.
In a letter to Fed chair Janet Yellen obtained by POLITICO, Mulvaney wrote that the bureau already has $177 million in the bank, enough to cover the $145 million the bureau has budgeted for its second quarter. Cordray had maintained a reserve fund in case of overruns or emergencies, but Mulvaney said he didnt see any reason for it, since the Fed has always given the bureau the money it needs. Mulvaney, who is also Trumps budget director, noted that instead of advancing the funds to the bureau, the Fed could return them to the Treasury and reduce the deficit.
While this approximately $145 million may not make much of a dent in the deficit, the men and women at the Bureau are proud to do their part to be responsible stewards of taxpayer dollars, Mulvaney wrote.
Read more: https://www.politico.com/story/2018/01/18/mulvaney-funding-consumer-bureau-cordray-345495?lo=ap_a1
BumRushDaShow
(129,399 posts)You can "reduce the deficit" by repealing that fucking tax cuts for the rich bullshit that was just passed.
Freethinker65
(10,042 posts)The corporations scamming consumers will have plenty to contribute from deregulation/self-regulation and the goverments choice to no longer pursue cases of consumer fraud.