"President Trump nominated Stuart Levenbach as the next director of the Consumer Financial Protection Bureau, choosing a person who has no banking or financial services experience to run a bureau that has been effectively inoperable since Trump was sworn into office. Levenbach is currently an associate director inside the Office of Management and Budget, handling issues related to natural resources, energy, science and water issues."
"The CFPB has been nonfunctional much of the year. Many of its employees have been ordered not to work, and the only major work the bureau is doing is unwinding the regulations and rules it put into place during President Trump's first term and during the Biden administration. The bureau's current acting director is Russell Vought, President Trump's budget director and Levenbach's boss."
President Trump nominated Stuart Levenbach as director of the Consumer Financial Protection Bureau. Levenbach serves as an associate director at the Office of Management and Budget and has experience on natural resources, energy, science and water issues, including serving as chief of staff at the National Oceanic and Atmospheric Administration during Trump's first term. The CFPB has been nonfunctional much of the year; many employees have been ordered not to work and the bureau's main activity has been unwinding regulations established during prior administrations. Russell Vought is the bureau's acting director, and the nomination suspends the Vacancies Act 210-day limit pending Senate action. The CFPB was created under the Dodd-Frank Act after the 2008 financial crisis to act as an independent consumer advocate and require banks to hold more capital.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]