Director Russell Vought issued a series of directives to CFP Bureau employees Saturday night in his new capacity as the bureau's acting head.
The Senate confirmed Vought as director of the Office of Management and Budget on Thursday.Office of Management and Budget Director Russell Vought issued a series of directives to Consumer Financial Protection Bureau employees Saturday night in his new capacity as the bureau's acting head, effectively slowing a large portion of the bureau's activity to a standstill.
Vought also told employees not to"approve or issue any proposed or final rules or formal or informal guidance" and to"suspend the effective dates of all final rules that have been issued or published but that have not yet become effective," among other directives listed in the email. "The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment," the post continued."This spigot, long contributing to CFPB’s unaccountability, is now being turned off."Sen. Elizabeth Warren, who helped create the CFPB in the aftermath of the 2008 financial crisis, slammed Vought's directives in "Republicans have failed to gut it in Congress and in the courts," she added."They will fail again.
A current CFPB employee described the situation as President Donald Trump and Elon Musk, who is spearheading the Department of Government Efficiency,"leaving American families exposed to financial abuse."
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