The corrupt agency which was the ‘brainchild’ of Senator Elizabeth “Pocahontas” Warren (D-MA) could be on its last legs.
Politico reported this morning that Office of Management and Budget (OMB) Director Russell Vought, who is also the acting head of the Consumer Financial Protection Bureau (CFPB), has choked off the flow of all new funding to the agency.
Vought was chosen to take over from Treasury Secretary Scott Bessent as interim head, who had temporarily led the agency after President Donald Trump fired its previous director, Rohit Chopra.
Vought argued in a Saturday evening X post that CFPB has more than $700 million in the bank and went on to proclaim that the “spigot is being turned off.”
“Pursuant to the Consumer Financial Protection Act, 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 wrote.
“The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment.”
“This spigot, long contributing to CFPB’s unaccountability, is now being turned off.”
Politico notes that Vought’s action poses a threat to the CFPB’s survival as the agency could die a slow death even if Congress does not abolish it outright.
This news comes just two days after Elon Musk’s DOGE team entered the Consumer Financial Protection Bureau headquarters on Friday. At least three of DOGE workers are now “senior advisors” in the staff directory at the Consumer Financial Protection Bureau.
CFBP staffers were “mad as h*ll,” and “p*ssed off” according to reports.
As TGP readers may know, CFPB was originally proposed in 2007 by Warren while she was a law professor and its creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010.
Warren was then appointed in September 2010 by Barack Obama as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau to set up CFPB.
Warren was later dropped from consideration after the Obama regime officials discovered she could not overcome powerful Republican opposition to get confirmed.
Under the Biden regime, the CFPB and the DOJ warned banks that they may be violating federal law if they did not give illegal aliens loans.
“Lenders should not deny people the opportunity to take out a loan to buy a home, build their businesses or otherwise pursue their financial goals because of unlawful bias and without regard to their actual ability to repay,” said DOJ’s Civil Rights Division Assistant Attorney General Kristen Clarke in 2023.
“This guidance reminds lenders that denying someone access to credit based solely on their actual or perceived immigrant status may violate federal law.”
The post Funding to Elizabeth Warren’s Consumer Financial Protection Bureau CUT OFF Two Days After DOGE Enters Agency’s Headquarters – Survival of Agency Now in Question appeared first on The Gateway Pundit.