Russell Vought was confirmed as the director of the Office of Management and Budget last week and soon picked up another job title: acting director of the Consumer Financial Protection Bureau, an independent agency founded in the wake of the 2008 financial crisis to protect consumers from financial fraud and abuse.
Over the weekend, Vought made his presence known as he sent an email to CFPB employees telling them to stop working. “Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall … cease all supervision and examination activity,” the email read, per CNN.
Vought’s email came on the heels of a message to employees from Adam Martinez, CFPB’s chief operating officer, saying that the agency’s building in Washington would be closed this week.
On Monday morning, Vought reiterated his orders, telling employees that they need clearance from the agency’s top legal officer to do any work. “Otherwise, employees should stand down from performing any work task,” he said.
DOGE attacks: Vought’s lightning-fast assault on the bureau appears to be part of the broader administration effort to radically shrink the federal government. Late last week, Elon Musk signaled that his DOGE team was coming for the consumer protection agency, tweeting, “CFPB RIP.” Some critics have complained that CFPB has unfairly targeted conservatives and the banking industry, though those claims are disputed.
One of the key architects of the controversial Project 2025 governing plan produced by the Heritage Foundation ahead of the election, Vought made it clear that the agency was in his crosshairs as he accused it of being “woke,” the charge Republicans have used to justify a whole range of actions against federal agencies, from blocking payments to closing offices. “The CFPB has been a woke & weaponized agency against disfavored industries and individuals for a long time,” Vought said on social media. “This must end.”
Democrats, though, question the legal basis for shuttering the agency. “Congress created the Consumer Financial Protection Bureau, and no one — not the President, not Musk, not Vought – can illegally shut down its work,” Sen. Elizabeth Warren, who helped launch CFPB, said on social media.
Warren also warned of the potential repercussions of eliminating the agency. “President Trump campaigned on lowering costs. But he’s letting billionaire Elon Musk and Project 2025 Architect Russ Vought kill the Consumer Financial Protection Bureau,” she wrote. “If they succeed, CEOs on Wall Street will once again be free to cheat you out of your savings.”