Consumer Financial Protection Bureau director Mick Mulvaney educated Democratic Rep. Maxine Waters on the purpose of separation of powers during a Wednesday hearing.
When Mulvaney testified in front of the House Committee on Financial Services on Wednesday, Waters asked him why people should trust him to run the CFPB when he was previously sponsored legislation to get rid of that bureau.
During her line of questioning, Waters insisted that she and her colleagues were responsible for implementing Dodd Frank financial regulations.
“With respect, congresswoman, I would say that I am the one for responsible for implementing Dodd Frank, not you,” Mulvaney retorted. “You were responsible for passing legislation and then the executive branch implements it.”
“I have not burnt the place down,” he continued. “Despite what you may have heard about what I was going to do when I got in there — I think that we have ten fewer people working there now than the day I took over, and that’s out of 1627 people.”
Waters was not thrilled with Mulvaney’s government lesson or his insistence that he was not destroying the CFPB, and cut off his answer.
“I’m reclaiming my time,” Waters declared. “Let me just say to you that you couldn’t implement a thing unless, first of all, there was legislation that was passed to deal with what you’re doing, and second, we have responsibility for the oversight of your implementation.”