Newly empowered House Democrats are vowing an all-out fight to salvage the Consumer Financial Protection Bureau in the face of the Trump administration's drive to curb the agency's power.
Party lawmakers have seethed for the past year as Mick Mulvaney has cut back on enforcement and curtailed funding requests for the bureau, the brainchild of President Donald Trump's nemesis, Sen. Elizabeth Warren (D-Mass.).
Mulvaney, Trump's budget director, will soon depart as acting CFPB chief to be replaced by his little-known lieutenant at the Office of Management and Budget, Kathy Kraninger, who has no experience in consumer affairs or banking. That could give the Democrats a much stronger hand in defending the Obama-era bureau, by doing everything from securing its independent source of funding to conducting endless oversight hearings.
Fending off further GOP attempts to rein in the CFPB "would be a battle with this administration, and it would be a test of wills," said Rep. Lacy Clay of Missouri, the top Democrat on the House Financial Services subcommittee with jurisdiction over the agency.
Read more in Politico.