Mick Mulvaney, the former interim director of the Consumer Financial Protection Bureau, is looking to capitalize on his newfound knowledge of the banking sector by launching his own hedge fund, according to a number of published reports.
Mulvaney, who was also the acting chief of staff to President Donald Trump, is currently the administration’s special envoy to Northern Ireland and will continue in that post even after he launches his fund, to be called Exegis Capital.
Exactly how much the fund plans to raise and how it will allocate its capital were not disclosed in the reports, which were based on an interview Mulvaney gave to a podcast last week. He is partnering with longtime investor Andrew Wessel in launching the hedge fund.
Mulvaney will be allowed to keep his government job while he is involved in the hedge fund, according to the published report.
Mulvaney spent a year as acting director of the CFPB, replacing Richard Cordray after he resigned in November 2017 and holding down the fort until Kathleen Kraninger was sworn in for the job in December 2018. During that time, Mulvaney was accused by critics of deconstructing the CFPB, de-emphasizing its enforcement efforts, and making decisions that altered the agency’s course of protecting consumers.
He said he plans on using his inside knowledge of Congress and Washington, D.C., to find investment advantages.
“Not a lot of folks get it,” Mulvaney said on the podcast. “Not a lot of folks understand, OK, this person has hired this staff to run this subcommittee, what is that going to mean for what kinds of legislation you’re seeing come out?”
