Warren and Mulvaney Spar Over CFPB. Warren: Agency failing? Duplicate it!

 

This video of Senator Elizabeth Warren ranting at Rick Mulvaney is too long for anyone to listen to. But there is a very interesting point here. Senator Warren says that without the Consumer Financial Protection Bureau, people would not have been protected from different frauds she cites. Mulvaney responds that other agencies had concurrent jurisdiction over the same issues. Warren responds that those other agencies failed in 2008 or didn’t move in the instances she cited. The logic of her argument seems to be that if a government agency fails to do its job, you don’t even try to fix that agency, but instead create a new one to do the same thing. This is indeed the way she thinks.

It should also be noted that funding for the CFPB comes through the Federal Reserve and is not subject to Congressional oversight which SHOULD be (and likely is) unconstitutional anyway.

(From The Washington Free Beacon)

Sen. Elizabeth Warren (D., Mass.) on Thursday accused Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney of hurting Americans and taking joy in making her upset.

Questioning Mulvaney during a Senate committee hearing, Warren outlined her view that the CFPB is vital to stopping financial scams. She also criticized Mulvaney, a former Republican congressman from South Carolina, for having voted with his party to abolish the bureau. The senator then focused on how Mulvaney, while at the CFPB, has not used enforcement tools as aggressively as she thinks he should, saying he takes “joy” in how upset this makes her.

“You’ve taken obvious joy in talking about how the agency will help banks a lot more than it will help consumers and how upset this must make me,” Warren told Mulvaney.

“This isn’t about me,” she added.

Thanks for clearing that up Senator Warren.