Acting Chief Halts Funding to Consumer Protection Agency, Says Not Needed

‘This spigot, long contributing to CFPB’s unaccountability, is now being turned off,’ Vought wrote on X.

President-elect Donald Trump's nominee for Office of Management and Budget director, Russell Vought, testifies before the Homeland Security and Governmental Affairs Committee on Capitol Hill in Washington on Jan. 15, 2025. Madalina Vasiliu/The Epoch Times

Office of Management and Budget chief Russ Vought, who recently took over as the acting head of the Consumer Financial Protection Bureau (CFPB), said on Feb. 8 that he is suspending the flow of new funding to the agency.

Vought scrutinized CFPB’s budget in a post on the evening of Feb. 8 on social media platform X. He said the agency’s $711.6 million in the bank is “excessive in the current fiscal environment.”