Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision.
The CFPB, a 1,700-person agency created in 2011 as a watchdog for consumers against corporate fraud and wrongdoing, has been in the crosshairs of the administration since President Trump took office in January. Trump and Vought, acting director of the CFPB and also director of the Office of Management and Budget, believe the bureau, which has netted billions in fines from corporations, is an example of regulatory overreach and should be closed.
