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Key House Republican calls on Trump to fire head of the Consumer Financial Protection Bureau

The chairman of the House Financial Services Committee on Tuesday called for President Trump to fire the head of the Consumer Financial Protection Bureau.

During an interview on Fox Business Network, Rep. Jeb Hensarling (R-Texas) said that "personnel is policy" and urged Trump to "immediately fire" CFPB Director Richard Cordray.

Hensarling has been an outspoken critic of the bureau, which was created by the Dodd-Frank financial reform act that Trump says he wants to try to dismantle .

The bureau, which took over and expanded on consumer protection duties that had been spread among several other regulators, issues and enforces regulations on mortgages, credit cards, payday loans and other financial products.

Hensarling is the author of a sweeping proposal to replace Dodd-Frank. The legislation would rename the bureau the Consumer Financial Opportunity Commission, replace the single director with five commissioners and subject it to congressional appropriations.

Two Republican senators — Mike Lee of Utah and Ben Sasse of Nebraska — also have called on Trump to fire Cordray. But there are legal questions about Trump's authority to make such a move at the independent bureau.

Cordray has said he has no plans to step down before his term ends in July 2018.

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