The CFPB is housed within the Federal Reserve and is paid for with Fed created money. The structure of the agency is likely unconstitutional.
(From Roll Call)
Democrats are furious that Mulvaney’s reining in of their beloved agency will be followed by a five-year term for Kraninger, whom they see as Mulvaney’s protégée and, if not the architect, at least a player in some of the Trump administration actions Democrats despise most: the zero tolerance border policy, the tax code overhaul and the much-criticized response to Puerto Rico’s hurricane disasters. Their document demand is aimed at determining what advice Kraninger gave on these and other issues.
“This is a multi-faceted battle with the president being played out in the context of this committee’s nomination process,” Crapo complained.
“I understand the importance of this nomination,” he added. “I understand the long-term battle we’ve had over the CFPB and its leadership.”