OAN Staff Abril Elfi
9:14 AM – Sunday, February 9, 2025
Head of the US Consumer Financial Protection Bureau (CFPB) Russell Vought has ordered staff to pause their activity.
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On Saturday, Vought said in a post on X that the CFPB has more than $700 million in the bank, which is “excessive in the current fiscal environment.” He also stated that further funding for the agency is not “reasonably necessary” to carry out its duties and that it would “not be taking its next draw of unappropriated funding.”
The CFPB is funded through budget requests to the Federal Reserve rather than the traditional appropriations process.
“This spigot, long contributing to CFPB’s unaccountability, is now being turned off,” wrote Vought, who is also the White House budget director.
Musk, whose platform X aims to join the consumer financial arena, has previously stated that he will “delete” the agency in charge of consumer protection.
According to a source familiar with the situation, representatives from his “department of government efficiency” have been given administrative access to all of the agency’s IT systems.
The move represents another step the Trump administration is taking to lower costs for Americans while simultaneously slashing excessive government regulation.
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