OAN Staff Abril Elfi
9:14am – Sunday, February 9th, 2025
Russell Vought, head of the U.S. Consumer Financial Protection Agency (CFPB), ordered staff to suspend their activities.
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On Saturday, Vought said in a post on X that CFPB has more than $700 million in the bank. This is “excessive in the current fiscal environment.” He also said that further funding to the institution is not “reasonably necessary” to fulfill its obligations and “does not take the next draw of inappropriate funds.”
The CFPB is funded through budget requests to the Federal Reserve, rather than through traditional appropriation processes.
“This Spigot, which has long contributed to the CFPB's inexplainability, is now off,” wrote Vought, who is also the White House budget director.
Musk, whose aim is to join the consumer finance sector, has previously said it will “remove” the agency responsible for consumer protection.
According to sources familiar with the situation, his representatives of “government efficiency” are given administrative access to the IT systems of all institutions.
The move represents another step the Trump administration is taking to reduce costs for Americans, while simultaneously reducing government regulations.
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