PATRIOTIC MILLIONAIRES’ CHAIR DESTROYS MICK MULVANEY’S PROPOSAL TO RESTRICT CFPB POWER

Tuesday, April 03

For Immediate Release

Tuesday, April 3, 2018

Contact: Sasha Grodsky

[email protected]

202-446-0489

 

PATRIOTIC MILLIONAIRES’ CHAIR DESTROYS MICK MULVANEY’S PROPOSAL TO RESTRICT CFPB POWER

“Mick Mulvaney is giving control of the CFBP to lobbyists and wealthy donors”

 

Washington, DC – Today, following Consumer Financial Protection Bureau Acting Chief Mick Mulvaney’s demand for Congress to limit the bureau’s power, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, released the following statement:

“The Trump administration is finally fulfilling some of its real campaign promises:

-For all of those people who think that the big banks do not have enough power to extract profits from consumers;For all of those people who understand that consumers who want protection from big banks are just wimps, or crybabies;

-For all of those Wall Street bankers who have seen too much of their traditional power over the American financial system slip away during the Obama years;

-For all of those lobbyists whose clients need the same level of access to the CFPB that they have to the rest of the Trump administration;

Today is your day. Mr. Mulvaney is finally proposing reforms that will prevent the CFPB from doing any more consumer protection that could potentially reduce profits for banks and other financial institutions. By giving more control over the CFPB to Congress, the lobbyists and donors can finally have the power over the CFPB that they have over most of the other parts of the government.”

For further comment or question, please contact Sasha Grodsky [email protected].

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About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at http://patrioticmillionaires.org/about/

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at http://patrioticmillionaires.org/media

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