Trump nominates Mick Mulvaney for director of the Office of Management and Budget

Appointment could create hurdles for CFPB regulations

President-elect Donald Trump announced earlier this week that he selected Rep. Mick Mulvaney, R-S.C., for director of the Office of Management and Budget.

According to Trump’s website, Mulvaney attended Georgetown University where he graduated as an Honor Scholar — the highest award given to students of the Georgetown School of Foreign Service — in International Economics, Commerce and Finance.

He currently serves on the House Financial Services Committee as well as the House Oversight and Government Reform Committee.

Rep. Jeb Hensarling, R-Texas, who serves as the chairman of the House Financial Services Committee, tweeted the following about the news:

An article in Business Insider by Bob Bryan stated that Mulvaney “has been a staunch advocate for balanced budgets and less deficit spending, even for defense.”

From the article:

"With Mick at the head of OMB, my administration is going to make smart choices about America's budget, bring new accountability to our federal government, and renew the American taxpayer's trust in how their money is spent," Trump said in a release announcing the move.

The move may satisfy those in the Republican Party who are concerned about the deficit, but some analysts say it also makes large-scale fiscal stimulus — one of the biggest campaign promises from Trump — less likely.

Barbara Mishkin added in an article in the CFPB Monitor that this nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.

And while this move doesn’t directly impact the Consumer Financial Protection Bureau yet, it could soon. The CFPB is currently not required to submit its regulations to OMB for review, but Mishkin explained that could change as a result of the D.C. Circuit’s PHH decision.

From the piece:

As we previously reported, one of the decision’s potential impacts is that the CFPB would be considered an “executive agency” subject to the regulatory review process of the Office of Information and Regulatory Affairs within OMB.  

If this turns out to be the case, the CFPB would have to get reviewed by Mulvaney.

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