Upon winning back a majority in the U.S. House of Representatives, Democrats have set their eyes on restoring many of the changes made under Mick Mulvaney, acting director of the CFPB.
In vowing to treat the Agency like any other government entity, House Democrats plan to step up congressional oversight into the Agency. A complete reverse from their previous sentiment of having a laissez-faire attitude over the CFBP. Many of the same Democrats previously turned a blind eye and even circumvented any attempt by Republicans to add more CFPB congressional oversight under former Obama Administration appointed Director, Richard Cordray. Rep. Maxine Waters (D-CA) even stated that a Rep. Jeb Hensarling’s (R-TX) asks of the CFPB were “intrusive and aggressive demands.”
But just last month, Waters introduced a bill that would essentially reverse much of Mulvaney’s progress in deregulating the overreaching bureau while adding more congressional control.
During Mulvaney’s tenure, he successfully led the charge to cut burdensome regulations and rein in spending; upsetting many staunch Democratic CFPB supporters like Rep. Waters. Empowered by the recent House victory, Waters plans to push back against Mulvaney’s reforms– as well as stop any more from being put through.
Other Democrats have flocked to her side, stating that they are “ready to fight that battle” and restore the Bureau to its former self: an agency with little oversight and out of control tax dollar spending.
But sadly for Waters, her bill won’t get much traction in the Republican-controlled Senate. The CFPB and its future leadership have a good shot at continuing to rein in the rampant Agency.