after being accused of molesting young girls down there. so many years ago. shepard: another subject, tells more about this fight over the job at the consumer financial protection bureau. that is quite a dustup. shep, it is quite a dustup, quite a story. it is fascinating everybody here in washington. here you have two people essentially that could have been showing up for work for the same job at the very same time. you have president trump appointing his budget director, mick mulvaney to this job on friday, but the outgoing director of the cfpb, he appointed his own person to the post, and this outgoing director was appointed to the job by president obama. give a president obama going against president trump appointee, and now, that obama era holdover, his replacement is suing the trump administration and at this hour, right now, you have senator elizabeth warren, who was instrumental in the
large finance institutions, people who might have been taken advantage of by credit card companies or mortgage companies, that sort of thing. this is something that didn t exist in the same form in the united states government, so it was created as part of dodd/frank. and it was created over the almost uniform opposition of republicans. thought a single house republican voted for it. nick mulvaney was not in congress when it was create, but he has been a staunch opponent of it ever since then. this was a democratic creation, and republicans have targeted it from the beginning. and i think what weave here is a ult-footly futile act of resistance by people within the agency who believe in its mission, who know that the trump administration doesn t. listen what donald trump tweeted over the weekend. it has has been a total disaster as run by the previous administration s pick.
so this is actually bigger than who s going to lead it. much bigger. melanie the legal experts say this will end up in the courts but what kind of fight does this set up on capitol hill and is there a precedent for it? right. i think there s going to be two showdowns on the legal side, and as well in the senate. on the legal side, at issue is whether it s dodd-frank law or the federal vacancies act that comes into play. whether trump really has this authority to override the line of succession at this agency. and it s roolly unclear, because this is an independent, young agency that was just created a few years ago and there s not a lot of precedent. now on the senate side keep in mind that they still have to vote to confirm a permanent pick. it s not just who s going to be temporarily taking over, it s who s going to head up heading the agency in the long-term and you better believe that democrats are going to do everything they can to gum up this process. they re crying foul
disaster as run by the previous administration s pick. financial institutions have been devastated and unable to properly serve the public. we will bring it back to life. the justice department backing trump by saying the decision within the president s rights. but their response is fuelling confusion over who is actually in charge. mulvaney or the acting director who is next in line when richard cord ray resigned on friday. let s bring back melanie zanona and kevin cirilli. how are you reading into president trump s tweet here? and what exactly does he want to see happen that wasn t done when the obama administration created the bureau? i mean what steps did they take? this is right in my wheelhouse. richard cordray wants to run for governor in ohio by resigning he s setting up husband future political ambitions. senator elizabeth warren, the likely 2020 presidential candidate, any time we re talking about the cfpb, the consumer financial protection bureau, that s a good day for eli
look, republicans don t like the way the cfpb is set up. but nobody is talking about getting rid of it entirely. and no one is talking about having the cfpb and using it to defend big banks. what this is about is for small businesses and the best way to regulate small businesses. director mulvaney of the budget office, back when he was in the house of representatives, he s saying, look, why should a small business outside of philadelphia where i grew up, or in michigan or wisconsin, have to have the same regulatory regime as the big banks? they can t afford to have all of those regulations. they shouldn t be held to the same standards. they re not in the same size. now elizabeth warren on the other hand she s saying hey wait a minute the big banks are we need to have these regulations, we need to better protect consumers. this is going to have a massive shadow over 2018, because who voters believe, whether it s the right, or the left, and how they re regulated, is going to be the dec