Mulvaney: The CFPB ‘Is an Awful Example of a Bureaucracy that Has Gone Wrong’

EXCERPT:

MULVANEY: "Yeah, my opinion of the structure of CFPB has not changed. I still think it is an awful example of a bureaucracy that has gone wrong. It is almost entirely unaccountable to the people who are supposed to oversee it or pay for it. I still have the same fundamental principled misgivings about the way this bureau is structured. I think it is wrong to have a completely unaccountable federal bureaucracy. I think it's completely wrong. By the way, I'm just learning about the powers that I have as acting director. They would frighten most of you. They would probably worry you to think about how little oversight Congress has over me now that I’m the director, how little oversight the committees have over how CFPB functions. I think if you really studied the constitutional nature of our government, you studied the way that the bureaucracy is supposed to work, it would both frighten and disturb you that this agency is as independent as it is."