The Boss Who Wants To Kill His Agency
Bloomberg Businessweek|May 28, 2018

To liberals, Mick Mulvaney is a nightmare. To conservatives, he’s a savior.

Devin Leonard And Elizabeth Dexheimer
The Boss Who Wants To Kill His Agency

One of the first things Mick Mulvaney did last year after President Trump asked him to be acting director of the Consumer Financial Protection Bureau was to read the statute dictating the agency’s powers. Created by the landmark Dodd-Frank Act of 2010, the CFPB was designed to protect consumers from the abuses of the financial industry and is one of the Democratic Party’s proudest recent achievements.

Mulvaney was no fan of the agency, having repeatedly attacked its very premise during his three terms as a Tea Party Republican in Congress. But he’d apparently never taken the time to study the statute governing it: Title X of Dodd-Frank. When he finally did, he was astonished by what was missing, namely a federal agency known as the CFPB.

“In the first section, it will jump out at you,” he says, bolting from his chair during a recent interview in his glass-walled office at the CFPB headquarters. An impish, energetic 50-year-old with a round face, oval glasses, and a steely wit, Mulvaney gives the impression of a man who revels in being the embodiment of liberals’ worst nightmare. Grabbing a copy of Title X of Dodd-Frank that he keeps handy, he points out that the law actually called for the creation of the Bureau of Consumer Financial Protection. “That’s it!” he cries. “This is what Title X says! You go, ‘Well, wait a second? Where’s the Consumer Financial Protection Bureau?’ It’s not in the statute.”

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView all
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023