Acting Consumer Financial Protection Bureau Director Mick Mulvaney isn’t taking a salary for doing his job at the agency, saving taxpayers hundreds of thousands of dollars typically paid to the director.
Mulvaney, who also serves as the director of the White House Office of Management and Budget, isn’t taking a salary because the agency is currently running in the black. Effectively, the agency director doesn’t want to spend anymore taxpayer money than necessary.
“I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable,” Mulvaney said in a letter to Federal Reserve Chair Janet Yellen.
The Consumer Financial Protection Bureau typically needs $145 million a quarter to cover its liabilities. When Mulvaney took over the agency in late November, he quickly went through its financials and found the agency had over $177 million on hand. Mulvaney is asking the Federal Reserve for $0 in funding for the first quarter of 2018 as a result.
Mulvaney also told Yellen his plans for the excess “reserve” funds.
“I know of no specific statutory authority requiring the establishment or maintenance of such a fund. Moreover, I see no practical reason for such a large reserve, since I am informed that the (Fed) has never denied a bureau request for funding and has always delivered requested funds in a timely fashion,” Mulvaney wrote. “It is my intent to spend down the reserve until it is of a much smaller size, while still allowing the bureau to successfully perform its functions, before making an additional financial request.”
President Donald Trump named Mulvaney as the temporary head of the the agency in late November, after former director Richard Cordray announced he was retiring to run for Ohio governor.
“The President looks forward to seeing Director Mulvaney take a common sense approach to leading the [Consumer Financial Protection Bureau’s] dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities,” the White House said in a statement. “Director Mulvaney will serve as Acting Director until a permanent director is nominated and confirmed.”
Mulvaney is the second director of the agency since its creation in 2010.
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