If the law allowed this place not to exist, I'd sit down with the President and try to make the case that other agencies can probably do this job just as, or if not more, effectively. That being said, if I had the chance to change it to put it on appropriations and to subject to oversight to Congress, I'd do that as well.
I have none of that flexibility as the director of this agency, of this bureau. This agency will stay open. Rumors that I'm going to set the place on fire or blow it up or lock the doors are completely false. I'm a member of the executive branch of government.
We intend to execute the laws of the United States, including the provisions of Dodd-Frank that govern the CFPB. That being said, the way we go about it, the way we interpret it, the way we enforce it will be dramatically different under the current administration than it was under the last.
Effective today, we've put something similar in place here to what we did across the entire executive branch at the outset of the the administration. I think at the outset of the administration, we did a 90-day hiring freeze. We put a 30-day hiring freeze here at CFPB. Probably more importantly, we put a 30-day immediate freeze on any new rules, regulation, and guidance.
Anything that's in the pipeline stops for at least 30 days.