Consumer Financial Protection Bureau Acting Director Mick Mulvaney has abolished the Consumer Advisory Board, a leftist Obama-Warren “board” that hardly ever met, operated without oversight, and allowed members to collect cushy salaries for doing little to no work.
According to CBS News, the Trump administration dropped a bombshell surprise on the liberal board, notifying them that the group has been abolished. Mulvaney told the 25 board members on Wednesday that they will be replaced and that the group will be abolished.
Mulvaney said the Trump administration will instead use the resources and funds to tackle actual issues rather than paying big salaries to members who were hardly meeting once a year.
“By both right-sizing its advisory councils and ramping up outreach to external groups, the bureau will enhance its ability to hear from consumer, civil rights, and industry groups on a more regular basis,” the CFPB said in a statement.
In 2010, Sen. Elizabeth Warren, D-MA, and former President Barack Obama established the CFPB as part of the legislation tied to the Dodd Frank Act, a piece of legislation aimed at overseeing financial institutions to forbid abuse.
Under the legislation, the board was required to meet twice a year, but Mulvaney said the panel hasn’t met once since he took over in November.
In addition to the panel never meeting while raking in cushy salaries, the Obama-Warren created agency has been plagued with many scandals that have surfaced since Trump took office.
Earlier this year, Conservative Daily Post reported that the CFPB’s Inspector General found that the agency is at risk because of unaccounted for laptops and unprotected servers. The IG’s report raised serious questions about how the agency lost millions of dollars worth of devices and failed to protect user data on countless Americans under Obama.
The IG also found that the Obama administration was planning to give the agency $99 million to renovate and upgrade the building, nearly twice the typical amount a government agency usually has in its budget for such costs and upgrades.
The Trump administration halted the agencies request for the building upgrades, calling it grossly unnecessary and a complete waste of money.
So, the Obama administration created a board that hardly ever met, had numerous laptops and devices unaccounted for, reportedly failed to protect user information on millions of Americans, and was going to pay almost $100 million for a building to house all of that nonsense.
The Trump administration isn’t just exposing the corruption that was taking place at the agency Obama created, they are also introducing ideas to clean it up so that it can actually help protect the nation and Americans.