"The corporations don't want Elizabeth Warren because they know she represents actual regulation and reform and she is smart enough to get it accomplished."
The Republican Party Is Making America Great Again -- for Plutocrats and Well-Heeled Thieves
Mick Mulvaney's tenure at the Consumer Financial Protection Bureau proves a crooked bureaucrat can make any law a dead-letter.
Which brings us to the Consumer Finance Protection Bureau, the brainchild of Senator Professor Warren, an agency that has returned billions of dollars to citizens swindled, burgled, or double-talked out of their money by large financial institutions. The Republicans -- and, especially, their donor class -- hated the CFPB and vowed to bring it down at the first opportunity. They got one with the election of the current president*, who quickly put Mick Mulvaney in charge of it. And it was Mulvaney's primary task to hollow out the CFPB's essential functions.
In an upcoming New York Times Magazine, Nick Confessore provides a definitive account of how well this strategy still works.
"Mulvaney's careful campaign of deconstruction offers a case study in the Trump administration's approach to transforming Washington, one in which strategic neglect and bureaucratic self-sabotage create versions of agencies that seem to run contrary to their basic premises. According to one person who speaks with Mulvaney often, his smooth subdual of the C.F.P.B. was part of his pitch to Trump for his promotion to White House chief of staff -- long one of the most powerful jobs in Washington. Mulvaney's slow-rolling attack on the bureau's enforcement and regulatory powers wasn't just one of the Trump era's most emblematic assaults on the so-called administrative state. It was also, in part, an audition."
Confessore goes deep on how the CFPB was developed and, more to the point, why it was developed in the first place.
The C.F.P.B. was created to protect Americans from predatory lenders after the financial crisis. President Trump's new chief of staff took it apart on his way to White House.