When Elizabeth Warren ran the CFPB, she needed hundreds of millions of dollars per year. Some have said this was because the agency was run like a left wing slush fund.
Now that Trump appointee Mick Mulvaney has taken over, he says they have plenty of cash to continue operations. He doesn’t need any additional funding.
The Washington Examiner reports:
Win for taxpayers as Consumer Protection Bureau chief seeks $0 for agency
President Trump’s frugal budget director, in his latest bow to taxpayers, is skipping the usual ask for millions of dollars to run the Consumer Financial Protection Bureau he is temporarily running.
The reason for Mick Mulvaney’s extraordinary move: The agency has enough money to pay its bills.
In a letter to Federal Reserve Chair Janet L. Yellen, who funds the special consumer board, Mulvaney simply said, “I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable.”
Mulvaney, the acting director of the embattled agency created by President Obama and Sen. Elizabeth Warren, normally would be asking for about $145 million each quarter to turn the lights on.
But in a deep dive review of the agency that aims to punish financial groups that take advantage of Americans, he discovered that it has $177.1 million on hand.
Why weren’t the Democrats able to run this agency with such efficiency? We all know the answer to that question, right?