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Will play out for the next couple of weeks if it does continue. it seems likely where this is headed. ultimately, the president can stop all this by simply nominating somebody to take over as the full-time director once that person is confirmed and that person undoubtedly will put in his or her own deputy director. it seems pretty clear that the direction of this bureau, which you pointed out created the obama administration, is going to be changing under president trump. pete williams, justice correspondent, pete, thanks for that. i m joined by one of the key architects of the dodd/frank law which set up the bureau financial protection bureau in the first place, michael barr. what pete laid out here may be potentially from the cordray standpoint and the obama standpoint, the alumni standpoint, an uphill legal fight and the eventuality of ....
Thought this was one of the keys to making it successful. so if it does reach a point where the trump administration gets its own person in there, whether it s through the courts or through a con firm magfirmat. look, the basic fact is that this is an agency that has stood up and protected consumers since enactment in 2010. and it s returned over $12 billion in relief by consumers who have been harmed by the financial sector and by bad practices, by payday lenders, by institutions like wells fargo that set up fraudulent accounts. so this is an agency that is working and i think that, you know, if i were in the position of the administration, i d want to have an agency that continues to deliver for the american people. all right. michael barr, one of the architects of the dodd/frank law, thank you for your time. also, news to tell you ....
Director of the cfpb. now normally when there is a vacancy, according to the executive vacancies act, what happens is the president is able to pick someone until the senate can get around to confirming whoever it is that the president appoints. but here, under the dodd/frank law that was formed in the wake of the 2008 global financial meltdown, the drafters of this law specifically made it so that way that the deputy director would become the acting director in the event of a vacancy. and that s what happened here. interesting. so how does the situation like this happen? and where the director of the bureau appoints his own successor and the president tries to override and that that and appoint his own pick and both sides saying they re right on this. you re saying the law will ultimately decide that leandra english is supposed to be leading the bureau. according to the law, right? ....
Here is what the president said. a lot of questions yesterday when there were was this back and forth who is at the helm of, even in the interim, about how powerful this organization, this bureau may continue to be and if it will survive. does not tell you when he says we will bring it back to life, do you believe that the president does not plan to dissolve this bureau now? i don t think he is planning to dissolve the bureau but i do think he is planning to undercut it. this has been a target of the administration from the start. it s part of the dodd/frank law that the president is very opposed to. and now, by creating confusion about who the leader is, that makes it ineffective for the time being because literally no ....
Ability of this body to do its work. then eventually he ll fill this spot with someone like mulvaney who is opposed to the mission of the bureau. in both cases, i think this is an effort to dismantle a key part of obama s legacy and a central part of the dodd/frank legislation. karoon, the white house says it is within its rights and has solid legal footing to do this, pointing to the federal vacancivacancy s act. but many legal scholars say the dodd/frank law really overrides the vacancies act. is the president, you know, headed for a real potential struggle in all of this? it just depends on how you interpret the letter of the law which is the argument they re having right now. ostensibly if dodd/frank came after the federal vacancies act and specified the order of ....