‘RIP CFPB’: Musk’s DOGE Cracks Down on Massive Bureaucracy, They Go ‘SCORCHED EARTH’ [WATCH] |​ RVM News

Elon Musk’s Department of Government Efficiency (DOGE) has now turned its focus to the Consumer Financial Protection Bureau (CFPB), as part of its broader effort to investigate federal agencies for waste and inefficiency.. Since the Trump administration took office last month, DOGE has conducted investigations into multiple government agencies, including the U.S. Agency for International Development (USAID) and the Departments of Treasury and Defense.. Now, the administration appears to be setting its sights on the CFPB, which has long faced criticism for its regulatory approach and funding structure.. Dennis Quaid’s #1 Warning for Americans. The CFPB is responsible for overseeing large financial institutions such as banks, lenders, credit unions, and debt collectors to ensure fair consumer practices.. However, Republicans and many in the banking industry have argued that the agency operates with little accountability, bypassing congressional oversight by receiving its funding directly from the Federal Reserve.. On Friday, multiple reports confirmed that DOGE employees entered the CFPB’s Washington, D.C., headquarters to begin a review of the agency.. This move came the same day that Musk posted “CFPB RIP” along with a gravestone emoji on X, signaling his stance on the bureau’s future.. Are You Confident The Economy Will Improve Under Donald Trump’s Leadership?. Email Address (required). By completing the poll, you agree to receive emails from RVM News, occasional offers from our partners and that you’ve read and agree to our privacy policy and legal statement.. According to sources, DOGE personnel have been given read-only access to CFPB records as they review whether the agency is complying with President Donald Trump’s executive orders.. These directives include a freeze on regulatory activity and the elimination of diversity, equity, and inclusion (DEI) initiatives within federal agencies.. A Politico report stated that three Musk allies, including DOGE personnel, have set up an office inside the CFPB.. Meanwhile, the bureau’s website has reportedly gone offline, displaying an error code to users attempting to access it.. A few hours after the review began, Musk reiterated his stance on social media, posting “CFPB RIP.”. This is not the first time he has called for the agency’s elimination. In December, Musk responded to a CFPB ruling regulating how payment systems interact with technology firms by stating, “Delete CFPB.”. In addition to DOGE’s review, the CFPB has also undergone a leadership change.. Russell Vought, who was recently confirmed as head of the White House Office of Management and Budget (OMB), is now reportedly serving as the acting leader of the CFPB.. Jan 22, 2025; Washington, D.C., USA; Russell Vought appears before the Senate Budget Committee for a confirmation hearing and vote. President Donald Trump nominated Vought to lead the Office of Management and Budget. Vought was previously director of the Office of Management and Budget from July 2020 to January 2021. Mandatory Credit: Jack Gruber-USA TODAY. He replaces Treasury Secretary Scott Bessent, who had previously overseen the agency.. U.S. President-elect Donald Trump’s nominee to be Treasury Secretary Scott Bessent arrives for a meeting with Sen. Mike Crapo (R-ID) in the Dirksen Senate Office Building on December 10, 2024.. Upon assuming his role, Vought initiated an internal review of the CFPB and halted much of its activity.. According to reports, Bessent had already issued an order on Monday instructing employees to stop crafting regulations, enforcing rules, or conducting inquiries.. Musk has repeatedly argued that the CFPB is a redundant federal agency, echoing concerns from congressional Republicans who have long pushed for its dissolution.. Critics argue that the agency enforces overly strict regulations and lacks proper oversight due to its independent funding.. Last month, Sen. Ted Cruz (R-TX) and Rep. Keith Self (R-TX) introduced legislation to eliminate the CFPB entirely.. In a joint statement, they called it an “unaccountable and burdensome agency that has stifled economic growth through regulatory overreach.”. As DOGE continues its efforts to streamline federal agencies, it remains to be seen how the Trump administration will proceed with the CFPB and whether legislative efforts to dismantle the agency will gain traction in Congress.

Read original article on RVM News Read More