Trump Appoints Russell Vought to Oversee US Consumer Financial Protection Bureau, Suspends Its Activities
Trump Appoints Russell Vought to Oversee US Consumer Financial Protection Bureau, Suspends Its Activities
In a controversial move, Russell Vought, the newly appointed acting head of the US Consumer Financial Protection Bureau (CFPB), has announced a halt to the agency’s budget and instructed staff to suspend all activities, including the supervision of companies the agency oversees.
Vought, confirmed last week to lead the Office of Management and Budget, revealed he had zeroed out the CFPB’s funding for the next fiscal quarter. He justified the decision by pointing out the agency’s existing $700 million reserve. The move came with a directive to stop all supervision and examination activities, further extending a previous order by Treasury Secretary Scott Bessent.
The CFPB began operations in 2008 to monitor financial fairness and supervise banks alongside mortgage companies and all financial institutions. The decision made by Vought has created widespread alarm because it removes substantial financial sector operations from governmental oversight.
The agency restructuring initiative follows the plans set by President Trump and Elon Musk for federal agency reform. Musk has shown interest in dissolving the CFPB and has obtained access to its IT systems. Top Democratic lawmakers and consumer protection advocates together with widespread protests have criticized these moves which have recently been implemented.
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