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White House budget director plans to shut US consumer finance watchdog within months
White House Budget Director Russell Vought plans to shutter the Consumer Financial Protection Bureau within three months amid legal battles and layoffs affecting over 1,400 employees.
- On Wednesday, White House Budget Director Russell Vought said he wants to close the Consumer Financial Protection Bureau and expects to do so within the next two to three months by the start of next year.
- Since the start of the year, the Consumer Financial Protection Bureau has faced sweeping layoffs, with around 1,400 employees fired as President Donald Trump moved to fire most staff.
- Vought said on The Charlie Kirk Show, `We don't have anyone working there except our Republican appointees and a few careers that are doing statutory responsibilities while we close down the agency`,
- A federal judge sided with unions, rebuking the White House's tactics as U.S. District Judge Susan Ilston found the restructuring and firings illegal, while CFPB employee unions and consumer advocates challenge the administration's authority.
- The bureau's origin and role are central as Republicans accuse the Consumer Financial Protection Bureau of overreach while it scrapped enforcement actions amid recent months of regulatory activity.
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White House budget director plans to shut US consumer finance watchdog within months
White House budget director Russell Vought said on Wednesday he wants to close the U.S. Consumer Financial Protection Bureau even though President Donald Trump's administration has argued in court that there is no such plan.
·United Kingdom
Read Full ArticleUPDATE 1-White House budget director plans to shut down US consumer finance watchdog within months
White House budget director Russell Vought said on Wednesday he wants to close the U.S. Consumer Financial Protection Bureau and expects to do so within the next two to three months. The CFPB was established to safeguard consumers in the financial services marketplace. Vought also said he believes the agency is hurting small lenders.
·India
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Total News Sources7
Leaning Left1Leaning Right0Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
L 17%
C 83%
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