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The Senate Minority Leader issued a harsh warning to the incoming President of the United States: Do not fire Consumer Financial Protection Bureau (CFPB) Director Richard Cordray.
According to a Reuters report, Sen. Chuck Schumer (D-NY) used a press call to warn President-Elect Donald Trump that he would be reneging on his campaign promise of "standing up for workers and consumers against the rigged system" if he were to dismiss Cordray.
"If Trump intends to keep any of his promises and un-rig the system, he would keep Rich Cordray," said Schumer.
But whether Trump will be able to fire Cordray is still unclear. Under the Dodd-Frank Act, the president is only able to fire the CFPB director for cause. But a recent federal court decision ruled that the president should be able to dismiss the director at will. That decision has been stayed pending appeal, and it is not clear when or if the U.S. Court of Appeals for the District of Columbia Circuit will review the case.
During the transition period, speculation arose that Trump would replace Cordray with former Texas Congressman Randy Neugebauer. Schumer added in his press call that bringing in Neugebauer as the next CFPB director would result in the internal dismantling of the agency’s effectiveness.