Officials Cut Off Consumer Agency

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Russell Vought, who authored one of the chapters of Project 2025, the conservative blueprint for a second Trump administration, has a sweeping vision to fundamentally rethink the federal bureaucracy and bring a “deep state” of career federal government employees to heel.
Russell Vought, who authored one of the chapters of Project 2025, the conservative blueprint for a second Trump administration, has a sweeping vision to fundamentally rethink the federal bureaucracy and bring a “deep state” of career federal government employees to heel.© Francis Chung/POLITICO

The White House ordered the Consumer Financial Protection Bureau (CFPB) to cease most of its operations, effectively shutting the agency down.

Additionally, newly installed Office of Management and Budget Director Russell Vought announced the agency could no longer draw on federal funding, calling its $711.6 million in reserves “excessive in the current fiscal environment.”

“This spigot, long contributing to CFPB’s unaccountability, is now being turned off,” Vought said.

Republicans have long been critical of the CFPB, which was created in the wake of the 2008 financial crisis by President Obama and Massachusetts Democratic Sen. Elizabeth Warren.

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