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.
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