Rep. Waters Introduces Legislation Aimed at Countering Mulvaney’s Deregulatory Efforts at the CFPB
Representative Maxine Waters (CA-43) introduced a congressional bill titled the “Consumer First Act,” on Tuesday, October 3. The bill takes aim at Mick Mulvaney’s softer approach towards regulation as the head of the Consumer Financial Protection Bureau (CFPB).
In a press release, Rep. Waters – the ranking member of the Financial Services Committee – takes on Mulvaney’s leadership at the CFPB. “It is clear that President Trump and his budget director [Mulvaney] are doing everything in their power to roll back consumer protections, strip the Consumer Bureau of its resources and prioritize Wall Street at the expense of consumers,” said Ranking Member Waters. “My bill, the Consumers First Act, would reverse the harmful changes the Trump Administration has imposed on the Consumer Bureau by restoring the agency’s supervisory and enforcement powers and increasing the transparency and accountability needed for the agency to carry out its important mission.”
More specifically, the bill would limit the number of political appointees at the CFPB, reestablish membership of the disbanded Consumer Advisory Boards, and officially codify the agency’s name back to the “Consumer Financial Protection Bureau.”
The legislation has little chance of passing through a Republican-controlled House and Senate. Nevertheless, Rep. Waters is expected to become the next chair of the powerful Financial Services Committee, which oversees top regulatory agencies, including the Federal Reserve, Treasury Department, and the Office of the Comptroller of the Currency.
Although the current Congress might not take action on Rep. Waters’ bill this year, it will likely resurface in 2019.