The acting director of the Consumer Financial Protection Bureau, Russell Vought, ordered all agency employees to stop work immediately unless approved by him or required by law. Vought also announced a cut in funding for the agency, which was created in 2010 to protect consumers from financial fraud and abuse. Since its inception, the agency has provided over $21 billion in consumer relief. Vought, who also serves as the director of the Office of Management and Budget, has a history of working with former President Donald Trump and has advocated for limiting the power of the federal bureaucracy. This announcement comes after President Joe Biden fired the previous director of the CFPB, Rohit Chopra. Lawmakers, including Senator Elizabeth Warren, have criticized Vought’s decision, claiming it benefits big banks and corporations at the expense of consumers. Elon Musk, who is involved in government efficiency efforts, also expressed his thoughts on the situation. The future of the CFPB and consumer financial protection efforts remains uncertain as Vought’s actions receive backlash and scrutiny.
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