Mick Mulvaney, a former CFPB Director, told Politico, “that’s bullshit,” and is “grounds for a lawsuit.” A former Trump finance official said that “putting aside that the policy is costly and counterproductive, Chopra is way out of line by naming the specific targets while the rule is being promulgated. Those would be appropriate comments for a White House staffer; not from the leader of an independent agency.”
Chopra’s comments at Harvard identifying specific firms run contrary to his response to a question from Sen. John Kennedy (R., La.) at a Senate Banking Committee hearing in 2022. When asked by Senator Kennedy about a different rule, Chopra responded by saying “well, I, I’m not going to, I’m not going to make decisions about a rulemaking that’s open right now when we are supposed to look at all the comments fairly and not prejudge.”
Another former senior Trump banking official said, “it’s an attempted jurisdictional land grab by the FDIC that would duplicate efforts the Fed already is doing.”
A Republican operative close to President Donald Trump said that “Rohit Chorpa is a far-Left lunatic who wants to regulate our entire economy, making taxes higher and crushing businesses and the middle class. Donald Trump will do what he does best with Chopra, and tell him ‘you’re fired.’”