The House voted yesterday to undo the Trump administration’s reining in of the Consumer Financial Protection Bureau (CFPB) and prevent future directors from replicating those efforts, The Hill reported. The bill from Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, passed the chamber along party lines in a vote of 231 to 191, with no Republicans supporting the measure. Called the Consumers First Act, the bill aims to reverse actions taken by former CFPB Acting Director Mick Mulvaney to loosen the bureau’s oversight of financial firms, rollback agency regulations, reorganize key departments and rebrand the polarizing watchdog. Republicans, who have long accused the CFPB of overreaching and being unaccountable, largely favored Mulvaney’s moves to restrain the bureau and came out against Waters’s bill. The White House announced Monday that Trump would veto the bill if it reaches his desk, dooming the measure in the unlikely event it cleared the GOP-controlled Senate.
