Patriotic Millionaires' Chair Destroys Mick Mulvaney's Proposal To Restrict CFPB Power

Today, following Consumer Financial Protection Bureau Acting Chief Mick Mulvaney's demand for Congress to limit the bureau's power, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, released the following statement:

"The Trump administration is finally fulfilling some of its real campaign promises:

• For all of those people who think that the big banks do not have enough power to extract profits from consumers;For all of those people who understand that consumers who want protection from big banks are just wimps, or crybabies;
• For all of those Wall Street bankers who have seen too much of their traditional power over the American financial system slip away during the Obama years;
• For all of those lobbyists whose clients need the same level of access to the CFPB that they have to the rest of the Trump administration;

Today is your day. Mr. Mulvaney is finally proposing reforms that will prevent the CFPB from doing any more consumer protection that could potentially reduce profits for banks and other financial institutions. By giving more control over the CFPB to Congress, the lobbyists and donors can finally have the power over the CFPB that they have over most of the other parts of the government."