Hensarling looks to place consumer agency under Trump's control
Source: The Hill
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) is preparing a major overhaul to the Consumer Financial Protection Bureau that would place it squarely under President Trump’s authority, according to a memo.
Hensarling is overhauling his broad legislation to rework the Dodd-Frank financial reform law, putting place changes that would significantly curtail the CFPB’s powers and make it answer directly to the president.
According to a staff memo outlining changes to his legislation, Hensarling plans to replace prior calls to establish a bipartisan commission at the top of the CFPB. Instead, he wants to stick with the single director currently in place, but put that person directly under the president’s authority.
Republicans have called since the agency’s inception in 2010 for a bipartisan commission at its helm, but Hensarling now is pushing a change that would effectively allow Trump to dictate the direction of the CFPB for as long as he is in office.
Read more: http://thehill.com/policy/finance/318758-hensarling-looks-to-place-consumer-agency-under-trumps-control
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I'm on so much outrage overload right now.
I don't know how much more of this I can take.
It is seriously affecting my mental health.
