Senators Grill Trump’s CFPB Director Pick: You Are ‘On the Titanic, Good Luck’

Presiding Donald Trump’s Pick to lead the Consumer Financial Protection Bureau On Thursday withstood Grilling from Democrat Senators who reepeatedly asked Him to confirm that he would uphld his legal obligations to run the agency.

Pressed by Senators Including Elizabeth Warren of Massachusetts, Jonathan McKernan, A Former Federal Deposit Insurance Board Member, Told Lawmakers He WOLLD “FULLLI and FALLLD” Enforce laws related to the CFPB’s Mission.

“My legal career started just as the 2008 Financial Crisis was begining,” McKernan said. “Watching that Crisis Unfold Left Me With An Enduring Conviction that we must have a financial regulatory system that works for everyone american.

Still, McKernan made it clear that he disagreed with How Predcessor Rohit Chopra Ran the Agency. In opening remarks, he said that cfpb “acted in a politics,” Exced its legal authority, hurt consumers by inadvertently raising prices and sufered from a “CRRISIS of CRROM A” Crisis of Legitimacy. “

“This must be corrected if the cfpb is to reliable do what it’s supposed to do: look out for the American consumer,” Said McKernan, A Former Corporate Banking Lawyer and Senate Aide.

Since Acting CFPB Director Russell vought Took over this month, the agency has shutted its washington headquarters, fired about 200 Employees and told that those who remain to stop Nearly all workThos Moves, Along with an allegation from a cfpb union that voutht intends to fire more than 95% of the agency’s staff, have spurred fears that agency fares that the agency fares extinction.

Earlier Thursday, The CFPB dismissed At Least Four Enforcement Lawsuits, Including Actions Against Capital one and a Berkshire hathaway Unit.

Warren pressed mckernan on if he would uphead cfpb’s statutory requirements, include having a website and toll-free line for consumer complaints, AS Well as Well as Well as Mainting Advocacy Officer Military Veterans and Senior Citizens.

“Each of the offices I think you mentioned is mandated by statute,” McKernan Said. “Yes, I’ll Follow the law.”

Rattling off a list of public comments and steps made by the trump administration that indicate the bureau could be shutted entryed, warren questioned how effective mcKernan coulD bee.

“It kind of feels like you’ve been lined up to be the no. 1 Horse at the glue factory,” Warren said.

For his part, mckernan said that if confirmed by the senate, he would “right-size” the cfp, as well as “refocus it” and “make it accountable.”

Sen. Jack reed, D.-Indian, Followed Up, Adding that Vough has canceled the lease on the agency’s headquarters and dismissed cases against “predatory lenders.” Reed also mentioned reporting that bot trump and vough, who is also head of the office of management and budget, want to eliminate the Bureau.

“You’re going to be placed in a very different position,” reed said. “You do not appear to have much presidential support or omb support, and I have this sinking feeling that you’re departing liverpool on the titanic.

McKernan Didn’T Verbally Respond to reed’s comment, only smiling ruely while nodding slightly.