Consumer Confidential: White House-backed bill purports to strengthen consumer protection. It does the opposite

The White House Office of Management and Budget recently declared its support for legislation called the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill has been passed by the Senate and is expected to be approved by the House in coming weeks.

"The administration is committed to consumer protection and ensuring that consumers have the tools needed to manage their finances in the manner that best suits their own personal needs and financial goals," the OMB said.

Good news, right?

Maybe not.

The OMB is run by Mick Mulvaney, who also serves as President Trump's interim director of the Consumer Financial Protection Bureau. In that capacity, he has