Vought: ‘We’re Closing Down The CFPB’ — White House Budget Chief Says Agency Will Shut Down Within Months
WASHINGTON—White House Budget Director Russell Vought said Wednesday he plans to shut down the CFPB, PYMNTS reported.
Russell Vought
Speaking on The Charlie Kirk Show, Vought said only a handful of employees remain at the CFPB’s Washington headquarters “while we close down the agency,” adding that he expects the process to be completed “within the next two or three months.”
Vought’s remarks come amid a series of legal challenges targeting the Administration’s attempts to scale back or dismantle the CFPB. The Administration is currently facing lawsuits from a CFPB labor union and consumer advocacy groups, which argue that Trump lacks the authority to dismiss most of the Bureau’s staff or eliminate the agency altogether.
On Wednesday, Vought repeated long-standing Republican criticisms that the CFPB has exceeded its authority and imposed unfair burdens on smaller financial institutions, PYMNTS noted.
“All they want to do is weaponize the tools of financial laws against basically small mom-and-pop lenders and other small financial institutions,” he said.
Vought’s remarks come as the Trump Administration’s reduction-in-force (RIF) initiative has already cut more than 4,000 federal jobs. However, as CUToday.info reported, a federal judge on Wednesday temporarily blocked the Administration’s broader plan to lay off thousands more workers during the ongoing government shutdown, ruling that the effort appeared politically motivated and legally improper.
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