President Trump made many promises while campaigning for the presidential election. Among those were the promises to cut government spending, and drain the D.C. swamp.
After a year in office, we can see that he’s been busy keeping those promises. And, that includes placing the right people to be in charge of wasteful government agencies.
Acting Director of the Office of Management and Budget, Mick Mulvaney, is one of Trump’s most well-known placements. He’s made a name for himself by cutting unnecessary spending as soon as he finds it.
But what he just did as OMB Director is almost assuredly unprecedented. He’s asking for zero dollars for the Consumer Financial Protection Bureau. That’s right, $0 from the American taxpayers to continue to run the CFPB.
In a letter to Federal Reserve Chair Janet L. Yellen, who funds the special consumer board, Mulvaney simply said, “I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable.”
Mulvaney, the acting director of the embattled agency created by President Obama and Sen. Elizabeth Warren, normally would be asking for about $145 million each quarter to turn the lights on.
But in a deep dive review of the agency that aims to punish financial groups that take advantage of Americans, he discovered that it has $177.1 million on hand.
“This letter is to inform you,” he wrote to Yellen in the letter obtained by Secrets, “that for the second quarter of fiscal year 2018, the bureau is requesting $0.”
Mulvaney found that the CFPB has been keeping a ‘reserve fund.’ And, just how much is in that “reserve fund?’ Well, there is $177.1 million dollars to be exact.
He doesn’t know why the CFPB would have allowed a back-up fund to have accumulated to such a large amount, and says it is unnecessary.
It definitely sounds like it. A government agency started by former President Obama and Sen. Elizabeth Warren has been hiding $177.1 million from the very people it was created to ‘protect.’
That’s $177.1 million of the American people’s own hard-earned tax dollars, being stashed away for who knows what purpose.
Looks like Mulvaney was placed as OMB director not a moment too soon.
Source: Washington Examiner