Some Consumer Financial Protection Bureau employees saw a warning sign over the weekend that disaster was on the way.
Two conference rooms in the basement had their windows covered with blue painter’s tape and brown paper to hide the people within. Inside, there were voices talking about government agency cuts. There were youths wearing temporary badges when the door was cracked open.
It was new proof that Elon Musk and his Department of Government Efficiency were targeting the organization, which was established to shield Americans against financial fraud, abuse, and dishonest business practices. There are concerns that the Washington headquarters, which is now closed for the week, will be completely destroyed, much like the U.S. Agency for International Development.
The Associated Press saw images of the conference rooms, and two current staff members who spoke on condition of anonymity out of fear of reprisals described the sight. The White House’s argument that Musk is openly achieving President Donald Trump’s objective of reducing the size of the federal government runs counter to the secrecy.
Trump’s budget head, Russ Vought, informed staff members via email on Monday morning that they were not to do any work-related duties. Before beginning any work, they were instructed to seek written consent from the Office of Management and Budget’s top attorney.
In addition, Vought is acting as director of the bureau. On February 1, Trump, a Republican, sacked the former director, Rohit Chopra.
Vought’s communication came after one issued on Saturday night directing the bureau to stop all monitoring and testing.
Following the 2008 financial crisis and the subprime mortgage-lending scandal, the Consumer Financial Protection Bureau, or CFPB, was established. According to officials, since its establishment, it has secured approximately $20 billion in financial assistance for American customers in the form of lower loans, compensation, and debt cancellations.
However, some firms have resented the bureau’s regulatory monitoring and probes, and conservatives have long targeted it.
Musk wrote CFPB RIP on his social media account, X, on Friday night. He included a gravestone emoji.
Musk said, “They did more than zero good things, but still need to go,” in response to someone else expressing support for the idea.
Since the CFPB was established by Congress, it would require further legislation to be formally abolished. However, agency leadership has the authority to determine whether or not to initiate enforcement action.
The Trump administration’s choice to target the CFPB infuriated leftists and Democrats.
According to Leah Greenberg, co-executive director of the advocacy organization Indivisible, Elon Musk and Russ Vought are not just pushing the boundaries of the law, but they are breaking them and defying anyone who tries to stop them. In addition to being unlawful and unconstitutional, this assault on the Consumer Financial Protection Bureau is a clear attempt by billionaires to further sway the system to their advantage.
— The Associated Press’s Chris Megerian
