President Trump is considering White House Budget Director Mick Mulvaney to be interim head of the Consumer Financial Protection Bureau (CFPB) after former director Richard Cordray announced his resignation from the agency, according to Bloomberg.
If Mulvaney temporarily filled the post, he would be charged with finding someone, or a group of people, who could manage the agency on a daily basis while he focuses on OMB.
Trump is permitted under a federal vacancies law to temporarily replace the post with a figure from another agency, who has been confirmed by the Senate.
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It could, however, be months until Trump names a permanent replacement and that nominee would have to be confirmed by the Senate, according to the report.
The report comes a day after Cordray announced his resignation.
The White House said on Wednesday the president “will announce an acting director and the president’s choice to replace Mr. Cordray at the appropriate time.”
Cordray has received praise from Democrats for his work leading the agency since 2011; however, Republicans have accused him of abusing the agency’s power and pursuing flashy cases to boost his political profile.
Several Republicans and banking industry leaders had pressed Trump to fire Cordray, who was appointed by former President Obama.
Republicans have also long railed against the CFPB as an agency, calling for major changes under the next chief.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has called the agency “structurally unconstitutional and completely unaccountable to the American people.”
“The resignation of the Bureau’s director is an excellent opportunity to enact desperately needed reforms,” Hensarling said. “Properly designed and led, it can truly protect consumers by ensuring they have access to competitive markets that are vigorously policed for fraud.”
Cordray is rumored to be exploring a gubernatorial bid in Ohio.