WASHINGTON, D.C. – Today, consumer watchdog organization Allied Progress released the following statement from its executive director, Karl Frisch, in response to Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney’s testimony before the House Financial Services Committee:
“Mick Mulvaney knows the work of the CFPB is extremely popular with consumers. That’s why he wouldn’t come right out and ask Congress to eliminate of the bureau – though that’s effectively what he asked for today. The CFPB was designed to be an independent financial watchdog so that politicians in D.C. who take millions from Wall Street special interests can’t easily stop its important consumer protection work,” said Karl Frisch, executive director of Allied Progress.He continued, “Try as he might, Mulvaney just couldn’t explain how putting members of Congress who have taken millions from Wall Street in charge of the CFPB’s funding and consumer protection work would actually benefit anyone other than the big banks and financial predators that bankroll their campaigns. He knows these changes would grind the bureau’s work holding bad financial actors accountable to a halt — it has nothing to do with helping consumers.”“What we saw today was a carefully choreographed performance by Mulvaney and Wall Street’s allies in Congress designed to pull one over on the American people. They may try to gut the CFPB and roll back important consumer and market protections put in place after the 2008 economic collapse but we will expose them as the foxes in the henhouse that they are, every step of the way,” he concluded.
# # #