Office of Management and Budget Director Mick Mulvaney said Monday he plans to overhaul the Consumer Financial Protection Bureau as much possible while he is at its helm, telling reporters that “elections have consequences at every agency, and that includes the CFPB.”

Monday marked Mulvaney’s first day on the job as interim director of the bureau, a key watchdog agency that the former Republican congressman once called a “sick, sad joke.” The resignation of former CFPB Director Richard Cordray last week set the stage for a legal showdown over who – Mulvaney or deputy director Leandra English – should be left in charge.