Russell Vought, head of the U.S. Consumer Financial Protection Bureau, instructed staff to suspend all activities including the supervision of companies.
Russell Vought, President-elect Donald Trump's pick to be director of the Office of Management and Budget, arrives for a meeting at the office of Sen. Chuck Grassley, R-Iowa, in Hart building on Monday, December 16, 2024.newly installed head of the U.S.
In his Saturday missive, Vought ordered staff to "cease all supervision and examination activity," going a step further than a directive issued last week by Treasury Secretary Scott Bessent, whom Trump had briefly put in charge after firing Rohit Chopra. Musk, whose platform X is seeking to enter the consumer financial marketplace, has vowed to destroy the CFPB and representatives of his Department of Government Efficiency have been granted administrative-level access to all of the agency's IT systems, according to a person with knowledge of the matter. Union officials said on Friday that Musk was effectively seeking to seize control of his own regulator.
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