HONOLULU (HawaiiNewsNow) - He wants to strip power from the Consumer Financial Protection Bureau. He wants exemptions to let Wall Street firms again trade for their own gain. He wants to roll back controls on mortgage lending, enacted after the 2008 mortgage debacle.
The Consumer Financial Protection Bureau was built to be independent. But what others call independent, Mnuchin calls unaccountable. He wants the head of the agency to be fireable by the president at will. Wall Street financial firms love this. Mortgage lenders, too. And Tim Pawlenty of the Financial Services Roundtable.
"An important step," he says, "so both economic growth and consumer protection are advanced." In the Wild West, tearing down barbed wire fences would have caused increased cattle-rustling. These cowboys say rolling back controls will lead to economic growth.
Advancing consumer protection? No.