Trump appoints new head of financial watchdog

In this July 20, 2017 photo, Budget Director Mick Mulvaney gestures as he speaks during the daily press briefing at the White House in Washington. (AP)
Updated 25 November 2017
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Trump appoints new head of financial watchdog

WASHINGTON: US President Donald Trump on Friday appointed White House budget director Mick Mulvaney to head a financial watchdog that the administration has sought to overhaul as part of its deregulation push.
Mulvaney, who described the Consumer Financial Protection Bureau (CFPB) as a “sick, sad joke” in a 2014 interview, will serve as acting director until a permanent head is nominated and confirmed, according to a White House statement.
Since the start of his presidency Trump has decried financial rules and regulations, put in place through the 2010 Dodd-Frank Wall Street reform legislation, to combat the excesses that led to the 2008 financial crisis.
Richard Cordray, the first director of the CFPB who had long been in the banking industry’s crosshairs, announced last week he would step down by the end of the month, several months early.
Trump’s Treasury Department has produced three reports calling for a whittling down of rules imposed on mid-size banks, a scaling back of stress tests and a restructuring of the CFPB.
Republicans have long deemed the bureau, which was founded in 2011 under the administration of former president Barack Obama, too far outside political control.
Last month, the US Senate voted to terminate a rule created by the agency that would have allowed class-action suits against banks or credit card companies.
The rule would have addressed fine-print clauses that bank and credit card consumers must agree to which bar them from seeking redress through litigation.
The vote was criticized by many Democrats as a sop to Wall Street.


Spokesman says Pakistan’s ex-PM jail conditions deplorable

Updated 19 July 2018
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Spokesman says Pakistan’s ex-PM jail conditions deplorable

  • Analysts say cricket star and opposition candidate Imran Khan enjoys the backing of military, which has ruled Pakistan directly and indirectly for most of its 71-year history.
  • The spokesman for the Pakistan Muslim League party said the party will win the vote if the elections are not rigged.

ISLAMABAD: A spokesman for the political party of Pakistan’s jailed ex-Prime Minister Nawaz Sharif says the former leader is being held in deplorable conditions as he awaits the outcome of his appeal over a 10-year sentence on corruption charges.
Pervaiz Rashid, of the Pakistan Muslim League, says he visited Sharif in jail on Thursday.
His statement comes amid increasing political tensions ahead of Pakistan’s parliamentary elections next week.
Analysts say cricket star and opposition candidate Imran Khan enjoys the backing of military, which has ruled Pakistan directly and indirectly for most of its 71-year history.
Rashid says the Pakistan Muslim League party will win the vote if the elections are not rigged.
Sharif, who was ousted from office by the country’s Supreme Court last July, faces several trials on corruption charges.