Its director, Richard Cordray, proved an aggressive watchdog, for example fining Wells Fargo a record amount over its misselling of bank accounts. Republicans opposed to tough regulation of the financial sector think the agency has been too aggressive. Donald Trump countered by naming Mick Mulvaney, director of the Office of Management and Budget, to the deputy director role. One White House official said he expected Mulvaney to take charge on Monday, with English as his deputy. Wall Street hates it like the devil hates holy water and they’re trying to put an end to it.”The South Carolina Republican Lindsey Graham countered: “I think the president’s on good ground here to appoint somebody under the vacancy statute.

Source: The Guardian November 26, 2017 17:10 UTC