American Wire News
The Department of Government Efficiency (DOGE) is moving quickly, targeting the Consumer Financial Protection Bureau (CFPB) in its push to identify and curb wasteful spending.
Early in his previous administration, President Donald Trump targeted the CFPB but faced opposition from both Democrats and Republicans. Now, with DOGE at his side to audit the bureau’s spending habits, it seems that his efforts to defang the agency may be successful. This is sparking fear not only among Dems, but consumer advocacy groups as well.
The look into CFPB began over the weekend following Office of Management and Budget (OMB) director Russell Vought being appointed as acting director of the bureau on Friday. He is taking over for Treasury Secretary Scott Bessent, who allegedly ordered staff to pause any work on rulemaking and litigation, as well as enforcement actions.
“Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not ‘reasonably necessary’ to carry out its duties,” Vought wrote in an X post. “The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment. This spigot, long contributing to CFPB’s unaccountability, is now being turned off.”
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