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Explained. dodd/frank was written to provide its own succession plan, and that was a decision for congress to make. not for the president to make, but for congress to make. so the statute is very clear. it says that there's a director. and if the director is unavailable, the deputy director becomes the acting director. done. there's no vacancy here. for the president to be able to fill. in fact, the vacancies act itself said, when it was passed decades ago it would apply to all the agencies that were in place up to that time, but in the future, congress could make the decision about whether it...

Fed. whose idea was this or did the president decide to give the dual positions to director mulvaney? >> look, i think the president felt he was the right person to lead that agency and made sha decision. i don't think there's more to it than that. fred? >> reporter: thank you, sarah. on the cfpb. as far as reforms to the agency, the house has a choice act that's still no action on that isn't the senate. is this something -- does the administration see this as an opportunity to try to push congressional reforms to the agency? >> look, this is director mulvaney's first day. we're going let him ...

In the final version, the one that was signed into law and voted on here in congress, it says, nope. we're going to have this succession, congress decide this succession. my view is that's just the law. >> so a couple of things. just reading an op-ed in the "wall street journal" that, you know, was written. critical of the cfpb written by somebody who leads the ceo of the community financial services foundation of america, a group of payday lender, then the office of legal counsel, which upon which the president and the white house are relying for the decision that they can put mick mulvaney i...

What accounts are you talking about? >> the ones current he's questioning. >> so what is the official policy on the position? should he stay or go? >> look, as i just said, we have no changes and to past statements already made on that front, nothing new. >> reporter: and cfpb, does the white house believe leandra english is qualified for that position? >> we believe director mulvaney is the right person at this time to lead that agency, and that's why he's over there. >> reporter: if you believe he's the right person, the follow-up then is, what does the white house or the president have agai...

Wound themselves around this decision. >> yep. and you know, that's part of the problem we've got here. once the consumer agency was signed into law, a lot of us thought, that's it. now we've got a consumer agency. everybody will go along with this nap will help make sure there's power on the side of consumers. but you know what the financial services industry said? one of the chief lobbyists was quoted as saying, oh, this isn't over. it's only half time. that's exactly what's happened. the big financial institution, the payday lenders, the student loan servicers, the ones who want to continue...