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Mulvaney, Leader of the Watchdog Agency, advises bankers on ways to reduce it



But he wants Congress to go further and has urged it to wrest funding from the independent regulator of the Federal Reserve, a measure that would give legislators – and those who have access to them – more influence in the actions of the office. On Tuesday, he implored the financial services industry to help support the legislative changes he has requested.

The speech ended, which included a call to diminish the power of the office, describing the two types of people that a congressman – constituents and lobbyists who contributed to his campaign – most responded to.

Mr. Mulvaney said that trying to influence legislators was one of the "fundamental foundations of our representative democracy." And you have to keep doing it. "

The association, which invited Mr. Mulvaney to deliver the main speech at his conference, strongly supports his efforts to consider the financial burdens on the banks imposed by the actions of the office. [19659005] When asked about the comments, John Czwartacki, a spokesman for Mr. Mulvaney, said: "I was pointing out that listening to the people of your country is vital to our democratic process and the most important thing our representatives can do. It is more important than lobbyists and it is more important than money. "

In his comments, Mr. Mulvaney also announced a series of moves aimed at reducing the power of the office.The agency was defended by the senator Elizabeth Warren, a Massachusetts Democrat, and Richard Cordray, who served as director of the office from its inception until last year.

Such measures include cutting public access to the consumer complaint database, which the agency had used to help guide their research.

"I do not see anything here that says I have to run a Yelp for financial services sponsored by the federal government," he said.

Mr. Mulvaney also said he would start calling the Consumer Financial Protection Bureau by his official legal name, the darkest Consumer Financial Protection Bureau. Administration officials said the rebranding was an attempt to diminish the public profile of the agency.

Mr. Mulvaney's political representatives at the agency have asked The Associated Press, which sets the style standard for many publications and broadcasters, to change the way it refers to the office.

"I'm trying to get used to saying now" BCFP "It's really, really hard to do that when you said the CFPB for a long time," Mr. Mulvaney told the bankers.

The consumer office was created by the 2010 Dodd-Frank Act as a way to prevent banks and other financial companies from taking advantage of vulnerable consumers. But the office has become a target for Republican lawmakers, who complain that they have unchecked power and are too aggressive to try to punish financial firms.

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