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Warner, Kaine join 44 senators urging Trump to nominate aggressive consumer watchdog

mark warner tim kaineU.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) joined 44 senators in a letter urging President Trump to follow the law and swiftly nominate a permanent director of the Consumer Financial Protection Bureau who will put working families ahead of Wall Street.

In their letter, the senators cited the CFPB’s much-needed “aggressive enforcement and supervision,” which has resulted in $12 billion in relief to 29 million American consumers who were cheated by financial companies.

The senators also expressed serious concerns with the White House installing Budget Director Mick Mulvaney as part-time acting director on November 24. Mulvaney has a clear record opposing the CFPB, calling it a “sick joke,” and has sought to abolish it.

In his first act as part-time acting director, Mulvaney moved to freeze the payments to working Americans who’ve been cheated.

“Assigning leadership of the CFPB to someone who already has a full-time job reporting to the White House and who does not believe in the CFPB’s mission jeopardizes the agency’s independence and effectiveness,” the senators wrote.  “We urge you to nominate a CFPB Director who will bring to the job both bipartisan support and a track record of being tough on Wall Street. Following the Dodd-Frank succession provision and nominating a Director who will fight for consumers allows the CFPB to continue its work without political interference.”

The full text of the letter is available here.