GOP chair to consumer bureau chief: Trump should have fired you already

GOP chair to consumer bureau chief: Trump should have fired you already
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The chairman of the House Financial Services Committee on Wednesday lit into the leader of the controversial Consumer Financial Protection Bureau (CFPB), calling on President Trump to fire him "immediately."

Rep. Jeb Hensarling (R-Texas) said CFPB Director Richard Cordray presided over an “unelected, unaccountable and unconstitutional” agency that was hurting the American public.

“For all of the harm caused to consumers, Richard Cordray should be dismissed by the president,” Hensarling said before Cordray testified to the committee. “Mr. Cordray, I’m surprised you are here.”


Hensarling took a dig at Cordray’s once-rumored campaign for Ohio governor before citing a court case ruling the bureau’s structure unconstitutional. That case, PHH vs. CFPB, is currently under a temporary stay, though the Justice Department claimed in a March brief that the ruling gives Trump power to fire Cordray.

“The president is clearly justified in dismissing you, and I call upon the president to do just that and to do that immediately,” Hensarling said. “This tyranny must end, and the people’s constitutional rights returned to them.”

Republicans have long argued that the CFPB is overreaching and stifles economic growth with rushed regulations and fines.

Cordray and his Democratic defenders, however, cite the more than $12 billion CFPB won back for more than 29 million jilted Americans from bad financial deals.

"I will be with you forever,” said Rep. Maxine Waters (Calif.), the committee’s ranking Democrat. "I would hope this president, though I doubt it, has the wisdom to keep you on."