There’s an extensive back story to this issue: Part I, and Part II, and Part III

(President Trump Tweet Link)

The Director of the Consumer Financial Protection Bureau, Richard Cordray, has resigned. Senator Elizabeth Warren does not want President Trump to appoint an interim replacement. President Trump has announced OMB Director Mick Mulvaney will be the “acting” head of the agency until he nominates a permanent replacement for senate confirmation. Senator Warren wants to take President Trump to court to stop him filling the interim position.

The U.S. Dept. of Justice, Office of Legal Counsel (OLC), has provided legal guidance (full pdf outline of opinion below), and decided that President Trump clearly has the authority to appoint the acting Director. Senator Elizabeth Warren is going bananas.

The Dodd-Frank Act is clear: if there is a @CFPB Director vacancy, the Deputy Director becomes Acting Director. @realDonaldTrump can’t override that. pic.twitter.com/r949ccaJAb — Elizabeth Warren (@SenWarren) November 25, 2017

By ignoring Dodd-Frank & naming his own acting @CFPB Director, @realDonaldTrump is causing chaos & market uncertainty. So I agree with Rich Cordray: this needs to be decided in the courts. — Elizabeth Warren (@SenWarren) November 25, 2017

Here’s the OLC recommendation to the President:

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The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick. Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life! — Donald J. Trump (@realDonaldTrump) November 25, 2017

Check out the recent Editorial in the Wall Street Journal @WSJ about what a complete disaster the @CFPB has been under its leader from previous Administration, who just quit! — Donald J. Trump (@realDonaldTrump) November 25, 2017