CFPB Director Mick Mulvaney Urges Bankers to Pay for Influence


Among those who donated to his campaign were payday lenders, who gave him over $60,000. On Tuesday, he admitted that, as a Congressman, he only met with lobbyists who gave him money - almost 90% of which come from banks and other businesses.

Mulvaney added that if his constituents from South Carolina's 5th District came into his office, "I talked to you without exception, regardless of the financial contributions".

Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, told banking industry executives on Tuesday that they should press lawmakers hard to pursue their agenda, and revealed that, as a congressman, he would meet only with lobbyists if they contributed to his campaign.

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Mulvaney has always been a critic of the Obama-era CFPB.

Donald Trump ran for the presidency as an economic populist who promised to implement stringent new reforms to limit the power of money in government. As acting head of the CFPB, Mulvaney has moved to kill probes into payday lenders accused of exploiting poor Americans.

Mulvaney wants funding for the agency to be decided by legislators, rather than the Federal Reserve which now determines the CFPB's budget.

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Mulvaney, who was controversially placed in charge of the CFPB by President Donald Trump a year ago, is no stranger to campaign contributions from the financial sector-and many have argued that these contributions are currently driving his effort to dismantle the consumer bureau he now runs.

Mr. Mulvaney said that trying to sway legislators was one of the "fundamental underpinnings of our representative democracy". Mulvaney's comments to the bankers in his conference keynote on Tuesday urged them to donate to members of Congress in order to ultimately give lawmakers more influence over the CFPB. "And you have to continue to do it".

Mulvaney spokesman John Czwartacki told the New York Times that "He was making the point that hearing from people back home is vital to our democratic process and the most important thing our representatives can do".

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After Scarborough explained how he dealt with lobbyists in his political days, he expressed shock over how much self-inflicted bad press the Trump Administration generates for itself.