American Financial Services Association

Transition Tracker | Trump Nominates Mulvaney to OMB

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Transition Tracker | Trump Nominates Mulvaney to OMB


President-elect Donald Trump has nominated U.S. Representative Mick Mulvaney, a South Carolina Republican, to be the head of the Office of Management and Budget (OMB).


AFSA has worked well with Mulvaney since he came to Washington in 2010. He has spoken at AFSA events and AFSA staff has met with him and his staff on numerous issues.

If confirmed by the Senate, Mulvaney will be responsible for helping to shepherd the president’s spending requests through a Republican-controlled Congress.

As a staunch deficit hawk, Mulvaney will likely advocate for fiscal prudence. In the past, he has supported legislation reducing the federal workforce. His nomination is a strong signal that federal regulations are set to be cut over next several years. He would likely support reforming bank regulations. Specifically, he has history of co-sponsoring legislation to reverse parts of Dodd-Frank. However, he may focus on other priorities first. Currently, the Consumer Financial Protection Bureau (CFPB) is not required to follow OMB guidelines, rules and regulations, but legislation could change that. If legislation moves the CFPB under the Treasury Department, Mulvaney’s office would review all CFPB regulations.


AFSA has congratulated Mulvaney on his appointment and expressed our willingness to work with him in the future to reduce the regulatory burden on financial institutions.

December 19th, 2016 by