Trump-installed consumer agency head sets hiring freeze, halts new rulesWASHINGTON (Reuters) - The fight for control of the U.S. consumer watchdog agency intensified on Monday as Mick Mulvaney, President Donald Trump’s pick to run the Consumer Financial Protection Bureau (CFPB), imposed a hiring freeze and halted any new regulations. In a partisan showdown over the CFPB, which was created to crack down on predatory financial practices, Mulvaney is being sued by Leandra English, an Obama-era appointee to the agency who argues that she is the consumer bureau’s rightful leader. The conflict began on Friday when Richard Cordray, a Democrat appointed CFPB director by then-President Barack Obama, formally resigned and named English, his chief of staff, as acting director. Hours later, Trump named Mulvaney, the current director of the White House budget office, as temporary head of the CFPB. The Republican president has a right to name a permanent CFPB director, officials agree. There are dueling claims, however, about who gets to lead the agency in the meantime. Both sides presented their arguments during an emergency U.S. District Court hearing in Washington on Monday. Timothy Kelly, a Trump-appointed judge who is presiding over the case, said the issues raised were “extremely important and complicated.” The judge as well as the two sides said they hoped to see the case decided within the next few days. The next step is for the Trump administration to submit its response to English’s suit. The fight to control the 1,600-employee agency lays bare deep divisions between Republicans and Democrats over how to regulate Wall Street and protect consumers, following the 2007-2009 financial crisis that cost taxpayers $700 billion in bailouts. Republicans loathe the CFPB, saying it wields too much power and burdens banks and other lenders with unnecessary red tape. Mulvaney, who sought to dismantle the CFPB when he was a Republican congressman, acknowledged at a news briefing on Monday afternoon that the Trump administration had a “dramatically different” interpretation of the 2010 Dodd-Frank law that created the CFPB. He said there would be a 30-day freeze on hiring at the agency and no payments from the CFPB’s civil penalties fund for that amount of time as well, except as required legally. All new regulations would also be frozen, he said.     “The president has made it very clear he wants me here. ... I want to be here. I don’t want anything coming out of here that I don’t know about,” Mulvaney said. Earlier on Monday, English welcomed staff back from the Thanksgiving holiday in a morning email and signed off as “acting director.” Around the same time, Mulvaney arrived at Cordray’s former office, bringing doughnuts for the staff.     “Please disregard any instructions you receive from Ms. English in her presumed capacity as Acting Director,” he wrote in an all-staff email seen by Reuters that he also signed “acting director.” Mulvaney advised staff members to inform the agency’s general counsel if they heard additional communications from English. As Mulvaney was getting settled in, a source told Reuters, CFPB general counsel Mary McLeod sent a memo agreeing with the U.S. Justice Department that Trump had the power to appoint Mulvaney as temporary leader of the watchdog. English went to the CFPB in the morning, according to her lawyer. She then met on Capitol Hill with Senate Democratic leader Chuck Schumer and Democratic Senator Elizabeth Warren, who conceived the CFPB. English told reporters that “Mulvaney has no authority” at the agency. Schumer said on the Senate floor that the Dodd-Frank law, which he helped to write, set up a “clear” succession process for the CFPB that made English the acting director. Schumer said Mulvaney was chosen by the Trump administration simply to “rock the agency from the inside.” Trump campaigned for president saying Wall Street “gets away with murder,” but he also promised to defang or abolish the CFPB.     Since taking office, Trump has tried to undo a number of his Democratic predecessor’s initiatives, mostly notably the 2010 Affordable Care Act that the Republican-controlled Congress has been unable to repeal and replace. Cordray developed a reputation for drafting aggressive rules curbing products such as payday loans, while issuing multimillion-dollar fines against large financial institutions such as Wells Fargo & Co (WFC.N).      Stock prices of major U.S. banks are trading near all-time highs. The KBW Bank Index .BKX has more than doubled since July 2011, when the CFPB opened for business. The drama over the CFPB came as the Senate was preparing to consider a bill that would significantly ease rules on some banks for the first time since the financial crisis.      Moderate Democrats and Republicans have come out in support of the package, aimed primarily at smaller and mid-sized banks, but analysts warned the CFPB fight could imperil that compromise. The Senate Banking Committee is supposed to take up the bill next week. politicsNews
consumer agency head sets hiring freeze halts new ruleswashington reuters the fight control consumer watchdog agency intensified monday mick mulvaney president donald trump pick run consumer financial protection bureau cfb imposed hiring freeze halted new regulations in partisan showdown cfb created crack predatory financial practices mulvaney sued alexandra english appointee agency argues consumer bureau rightful leader the conflict began friday richard portray democrat appointed cfb director barack obama formally resigned named english chief staff acting director hours later trump named mulvaney current director white house budget office temporary head cfb the republican president right name permanent cfb director officials agree there fueling claims however gets lead agency meantime both sides presented arguments emergency district court hearing washington monday timothy kelly judge presiding case said issues raised extremely important the judge well two sides said hoped see case decided within next days the next step trump administration submit response english suit the fight control agency lays bare deep divisions republicans democrats regulate wall street protect consumers following financial crisis cost taxpayers billion bailout republicans lathe cfb saying wields much power burdens banks lenders unnecessary red tape mulvaney sought dismantle cfb republican congressman acknowledged news briefing monday afternoon trump administration dramatically different interpretation law created cfb he said would freeze hiring agency payments cfb civil penalties fund amount time well except required legally all new regulations would also frozen said the president made clear wants i want i want anything coming i know mulvaney said earlier monday english welcomed staff back thanksgiving holiday morning email signed acting around time mulvaney arrived portray former office bringing doughnut staff please disregard instructions receive english presumed capacity acting director wrote email seen reuters also signed acting mulvaney advised staff members inform agency general counsel heard additional communications english as mulvaney getting settled source told reuters cfb general counsel mary mcleod sent memo agreeing justice department trump power appoint mulvaney temporary leader watchdog english went cfb morning according lawyer she met capitol hill senate democratic leader chuck scheme democratic senator elizabeth warren conceived cfb english told reporters mulvaney authority agency scheme said senate floor law helped write set clear succession process cfb made english acting director scheme said mulvaney chosen trump administration simply rock agency trump campaigned president saying wall street gets away murder also promised demand abolish cfb since taking office trump tried undo number democratic predecessor initiatives mostly notably affordable care act congress unable repeal replace portray developed reputation drafting aggressive rules curling products panda loans issuing fines large financial institutions wells cargo co stock prices major banks trading near highs the kb bank index doubled since july cfb opened business the drama cfb came senate preparing consider bill would significantly ease rules banks first time since financial crisis moderate democrats republicans come support package aimed primarily smaller banks analysts warned cfb fight could imperial compromise the senate banking committee supposed take bill next week politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump-installed consumer agency head sets hiring freeze, halts new rulesWASHINGTON (Reuters) - The fight for control of the U.S. consumer watchdog agency intensified on Monday as Mick Mulvaney, President Donald Trump’s pick to run the Consumer Financial Protection Bureau (CFPB), imposed a hiring freeze and halted any new regulations. In a partisan showdown over the CFPB, which was created to crack down on predatory financial practices, Mulvaney is being sued by Leandra English, an Obama-era appointee to the agency who argues that she is the consumer bureau’s rightful leader. The conflict began on Friday when Richard Cordray, a Democrat appointed CFPB director by then-President Barack Obama, formally resigned and named English, his chief of staff, as acting director. Hours later, Trump named Mulvaney, the current director of the White House budget office, as temporary head of the CFPB. The Republican president has a right to name a permanent CFPB director, officials agree. There are dueling claims, however, about who gets to lead the agency in the meantime. Both sides presented their arguments during an emergency U.S. District Court hearing in Washington on Monday. Timothy Kelly, a Trump-appointed judge who is presiding over the case, said the issues raised were “extremely important and complicated.” The judge as well as the two sides said they hoped to see the case decided within the next few days. The next step is for the Trump administration to submit its response to English’s suit. The fight to control the 1,600-employee agency lays bare deep divisions between Republicans and Democrats over how to regulate Wall Street and protect consumers, following the 2007-2009 financial crisis that cost taxpayers $700 billion in bailouts. Republicans loathe the CFPB, saying it wields too much power and burdens banks and other lenders with unnecessary red tape. Mulvaney, who sought to dismantle the CFPB when he was a Republican congressman, acknowledged at a news briefing on Monday afternoon that the Trump administration had a “dramatically different” interpretation of the 2010 Dodd-Frank law that created the CFPB. He said there would be a 30-day freeze on hiring at the agency and no payments from the CFPB’s civil penalties fund for that amount of time as well, except as required legally. All new regulations would also be frozen, he said.     “The president has made it very clear he wants me here. ... I want to be here. I don’t want anything coming out of here that I don’t know about,” Mulvaney said. Earlier on Monday, English welcomed staff back from the Thanksgiving holiday in a morning email and signed off as “acting director.” Around the same time, Mulvaney arrived at Cordray’s former office, bringing doughnuts for the staff.     “Please disregard any instructions you receive from Ms. English in her presumed capacity as Acting Director,” he wrote in an all-staff email seen by Reuters that he also signed “acting director.” Mulvaney advised staff members to inform the agency’s general counsel if they heard additional communications from English. As Mulvaney was getting settled in, a source told Reuters, CFPB general counsel Mary McLeod sent a memo agreeing with the U.S. Justice Department that Trump had the power to appoint Mulvaney as temporary leader of the watchdog. English went to the CFPB in the morning, according to her lawyer. She then met on Capitol Hill with Senate Democratic leader Chuck Schumer and Democratic Senator Elizabeth Warren, who conceived the CFPB. English told reporters that “Mulvaney has no authority” at the agency. Schumer said on the Senate floor that the Dodd-Frank law, which he helped to write, set up a “clear” succession process for the CFPB that made English the acting director. Schumer said Mulvaney was chosen by the Trump administration simply to “rock the agency from the inside.” Trump campaigned for president saying Wall Street “gets away with murder,” but he also promised to defang or abolish the CFPB.     Since taking office, Trump has tried to undo a number of his Democratic predecessor’s initiatives, mostly notably the 2010 Affordable Care Act that the Republican-controlled Congress has been unable to repeal and replace. Cordray developed a reputation for drafting aggressive rules curbing products such as payday loans, while issuing multimillion-dollar fines against large financial institutions such as Wells Fargo & Co (WFC.N).      Stock prices of major U.S. banks are trading near all-time highs. The KBW Bank Index .BKX has more than doubled since July 2011, when the CFPB opened for business. The drama over the CFPB came as the Senate was preparing to consider a bill that would significantly ease rules on some banks for the first time since the financial crisis.      Moderate Democrats and Republicans have come out in support of the package, aimed primarily at smaller and mid-sized banks, but analysts warned the CFPB fight could imperil that compromise. The Senate Banking Committee is supposed to take up the bill next week. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: consumer agency head sets hiring freeze halts new ruleswashington reuters the fight control consumer watchdog agency intensified monday mick mulvaney president donald trump pick run consumer financial protection bureau cfb imposed hiring freeze halted new regulations in partisan showdown cfb created crack predatory financial practices mulvaney sued alexandra english appointee agency argues consumer bureau rightful leader the conflict began friday richard portray democrat appointed cfb director barack obama formally resigned named english chief staff acting director hours later trump named mulvaney current director white house budget office temporary head cfb the republican president right name permanent cfb director officials agree there fueling claims however gets lead agency meantime both sides presented arguments emergency district court hearing washington monday timothy kelly judge presiding case said issues raised extremely important the judge well two sides said hoped see case decided within next days the next step trump administration submit response english suit the fight control agency lays bare deep divisions republicans democrats regulate wall street protect consumers following financial crisis cost taxpayers billion bailout republicans lathe cfb saying wields much power burdens banks lenders unnecessary red tape mulvaney sought dismantle cfb republican congressman acknowledged news briefing monday afternoon trump administration dramatically different interpretation law created cfb he said would freeze hiring agency payments cfb civil penalties fund amount time well except required legally all new regulations would also frozen said the president made clear wants i want i want anything coming i know mulvaney said earlier monday english welcomed staff back thanksgiving holiday morning email signed acting around time mulvaney arrived portray former office bringing doughnut staff please disregard instructions receive english presumed capacity acting director wrote email seen reuters also signed acting mulvaney advised staff members inform agency general counsel heard additional communications english as mulvaney getting settled source told reuters cfb general counsel mary mcleod sent memo agreeing justice department trump power appoint mulvaney temporary leader watchdog english went cfb morning according lawyer she met capitol hill senate democratic leader chuck scheme democratic senator elizabeth warren conceived cfb english told reporters mulvaney authority agency scheme said senate floor law helped write set clear succession process cfb made english acting director scheme said mulvaney chosen trump administration simply rock agency trump campaigned president saying wall street gets away murder also promised demand abolish cfb since taking office trump tried undo number democratic predecessor initiatives mostly notably affordable care act congress unable repeal replace portray developed reputation drafting aggressive rules curling products panda loans issuing fines large financial institutions wells cargo co stock prices major banks trading near highs the kb bank index doubled since july cfb opened business the drama cfb came senate preparing consider bill would significantly ease rules banks first time since financial crisis moderate democrats republicans come support package aimed primarily smaller banks analysts warned cfb fight could imperial compromise the senate banking committee supposed take bill next week politicsnews