Trump pick Russell Vought has effectively wound down the agency after taking over the CFPB just days ago.
Russell Vought, US President Donald Trump’s newly anointed head of the Consumer Financial Protection Bureau, says he’s cut off the agency from new funding and has reportedly told staff to suspend all activities.
“I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not ‘reasonably necessary’ to carry out its duties,” Vought said in a Feb. 9 X post.
“The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment,” he added.
Read more,# The Great Unwinding: CFPB Under Russell Vought
## Key Points:
– **Leadership Change:** Russell Vought, appointed by Donald Trump, is now leading the Consumer Financial Protection Bureau (CFPB).
– **Funding Halt:** Vought has stopped the agency from receiving new funding.
– **Operational Pause:** All CFPB activities have been suspended following Vought’s directions.
– **Financial Standing:** The CFPB currently holds a balance of $711.6 million, deemed excessive by Vought.
## Vought’s CFPB Strategy
Russell Vought is putting the brakes on the CFPB faster than a squirrel on roller skates! By pulling the plug on funding and hitting pause on operations, Vought seems to believe he’s not just defying gravity but also fiscal expectations by dubbing $711.6 million “excessive”. This bold move leaves us wondering whether this fiscal frugality will be a magician’s trick or just disappear!
## Hot Take
It looks like Russell Vought is treating the CFPB like an unwanted subscription service—canceling renewals and freezing all perks. Whether this is a masterful budget cut or a recipe for consumer chaos, only time will tell. But for now, grab your popcorn, because this fiscal drama isn’t over yet!
**#RussellVought #CFPB #TrumpAdministration #BudgetCuts #ConsumerProtection**
