By Douglas Gillison
Russell Vought is now the head of the U.S. Consumer Financial Protection Bureau (CFPB). On Saturday evening, he told his staff to stop all work. This means they will stop checking on banks and other companies that the CFPB manages. Vought also announced on social media that he is cutting the agency’s money for next quarter. He said they already have more than $700 million, so they do not need more.
The Office of Management and Budget, which Vought also leads, did not answer questions about this. The CFPB was also told to stop talking to the public.
Vought’s order is more extreme than something Treasury Secretary Scott Bessent said last week. The CFPB was created after the 2008 financial crisis to help protect consumers from unfair practices by financial companies. Vought’s order means companies may not have federal oversight now.
Some workers protested on Saturday. Many people, including Democratic lawmakers, do not agree with these changes. Dennis Kelleher from Better Markets said this hurts consumers, especially working-class Americans.
Vocabulary List:
- Oversight /ˈoʊ.vər.saɪt/ (noun): Supervision or control over an activity or organization.
- Announced /əˈnaʊnst/ (verb): Made a public declaration about something.
- Consumers /kənˈsjuː.mərz/ (noun): People who purchase goods and services for personal use.
- Management /ˈmæn.ɪdʒ.mənt/ (noun): The organization and coordination of activities in a business or organization.
- Protested /prəˈtɛstɪd/ (verb): Expressed an objection to something.
- Protect /prəˈtɛkt/ (verb): To keep safe from harm or danger.
