White House Response
“We believe this move by the President is a typical routine move exercised by Presidents,” said one official.
“I think Trump wins, but unfortunately it is going to take a while,” Alan Kaplinsky said.
Kaplinsky heads the Consumer Financial Services Group for Ballard Spahr LLP.
“We have gone out of our way to avoid an unnecessary legal battle with Mr. Cordray and his actions clearly indicate that he’s trying to provoke one,” another official said.
Richard Hunt said “The CFPB’s current governing structure is a dictatorship, period.” Hunt headed the Consumer Bankers Association.
Maxine Waters said “the White House would have an alarming degree of direct control over financial regulation, supervision, and enforcement.”
Maxine Waters held the post of top Democrat on the House of Representatives’ Financial Services Committee.
A senior official said “we don’t have any reason to think that anything out of the ordinary course will happen: we think (Mulvaney) will show up Monday and he will go into the office and start working.”
It was believed that Mulvaney could hold the post for months. This was due to the U.S. Senate confirming him for the position.
Some thought the process created a level of uncertainty. So until Congress makes a decision Trump’s nominee remained in place.
