12.05.17

Cantwell Joins 44 Senators Urging President to Swiftly Nominate Aggressive Head of Consumer Watchdog

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of Senate Finance Committee, joined 45 Senate colleagues in a letter urging President Trump to follow the law and swiftly nominate a permanent director of the Consumer Financial Protection Bureau (CFPB) who will put working families ahead of Wall Street.

In their letter, the senators cited the CFPB’s “aggressive enforcement and supervision,” which has resulted in $12 billion in relief to 29 million American consumers who were cheated by financial companies.

The Senators also expressed serious concerns with the White House installing Budget Director Mick Mulvaney as part-time acting director on November 24th , despite clear language in the Dodd-Frank law stating that the Deputy Director, Leandra English, ‘shall’ run the agency in the ‘absence or unavailability’ of the director. Mulvaney has a clear record opposing the CFPB and has sought to abolish it.

In his first act as part-time acting director, Mulvaney moved to freeze the payments to working Americans who’ve been cheated.

“Assigning leadership of the CFPB to someone who already has a full-time job reporting to the White House and who does not believe in the CFPB’s mission jeopardizes the agency’s independence and effectiveness,” the members wrote.  “We urge you to nominate a CFPB Director who will bring to the job both bipartisan support and a track record of being tough on Wall Street. Following the Dodd-Frank succession provision and nominating a Director who will fight for consumers allows the CFPB to continue its work without political interference.”

The full text of the letter is available here.

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