Economy

Top Trump Official Admits He Sold Access to Lobbyists as a Lawmaker

Top Trump Official Admits He Sold Access to Lobbyists as a Lawmaker

Over the last four months, Mulvaney has worked aggressively to halt or reverse the CFPB's enforcement of consumer protection laws, freezing all new investigations.

At the top of that hierarchy were his SC constituents, Mulvaney said, whom he met with "without exception, regardless of the financial contributions". "If you're a lobbyist who never gave us money, I didn't talk to you".

"We had a hierarchy in my office in Congress", Mr. Mulvaney, a former Republican lawmaker from SC, told 1,300 bankers and lending industry officials at an American Bankers Association conference in Washington. "If you're a lobbyist who gave us money, I might talk to you", he said.

Mr. Mulvaney, who also runs the White House budget office, is a longtime critic of the Obama-era consumer bureau, including while serving in Congress.

Asked about the comments later by the Times, Mulvaney spokesman John Czwartacki said, "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". The bureau did not give any explanation.

More news: Windows 10 Lean is Microsoft's new lightweight OS

Mulvaney has come under fire from Democrats and consumer advocates who say he is effectively crippling the CFPB, which is charged with regulating financial institutions, including mortgage and credit card companies.

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.

It was a startling admission of pay-to-play from a top official in an administration that famously pledged to "drain the swamp". Mick Mulvaney just got exhausted of pretending.

The Consumer Financial Protection Bureau is pushing to be referred to as the Bureau of Consumer Financial Protection, a surface level, but notable change for the agency tasked with protecting consumers against debt collectors and banks.


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