SoylentNews

Here's yet another reason to put a stake through the heart of the Consumer Financial Protection Bureau (CFPB).

Richard Cordray announced that Friday would be his last day leading the Consumer Financial Protection Bureau and named one of his lieutenants to immediately take over as acting director, setting up a potential standoff with the Trump administration over the controversial agency’s leadership.

In a memo to the consumer watchdog’s employees, Cordray said his current chief of staff, Leandra English, would become deputy director and automatically rise to acting director when he leaves. English has held several leadership roles under Cordray, a Barack Obama appointee who was the CFPB’s first-ever director.

English’s surprise promotion could complicate President Donald Trump’s plans to start remaking the CFPB, an agency that Republican lawmakers say has burdened banks with unnecessary rules that have hurt lending. Cordray announced last week that he would step down at the end of November, prompting administration officials to consider temporarily installing White House budget director Mick Mulvaney atop the agency, people familiar with the discussions have said.

This is related to the huge reason the CFPB should be ended, namely, that it is a regulatory agency which isn't under the control of the president of the US or funded by Congress (it's funded by the Federal Reserve). "Consumer protection" is not a good excuse for bad law.

And let consider why Trump isn't pushing harder to reign this agency in. One possible reason is that he can play the same game at the end of his term(s) by having his future appointee throw roadblocks in the way of any future administration for years (since the position is for five years, that means two years through to 2022, if Trump serves only one term or three years through to 2027, if Trump gets reelected in 2020 through some brazen display of incompetence or worst on the part of his Democrat foe).