By The Blog Source

Director of the Office of Management and Budget Russ Vought has directed the Consumer Financial Protection Bureau (CFPB) to halt all enforcement activities and stop receiving unappropriated funding for a week.

Chief Operating Officer Adam Martinez sent out an internal email announcing that the CFPB's Washington, D.C., headquarters will be closed Monday through Friday. According to NBC News, employees were directed to stop all oversight, inquiries, involvement of stakeholders, and enforcement activities.

Recently confirmed as the Director of the Office of Management and Budget (OMB), Russ Vought has moved quickly to control the Consumer Financial Protection Bureau (CFPB), forcing the agency to temporarily shut down and freezing its financing. The action is part of conservatives' ongoing resistance to what they see to be an unaccountable regulatory body with unbridled authority.

Vought defended the funding block in a social media post on Saturday, saying that the bureau's $711.6 million balance is "excessive" and that it was "not reasonably necessary" to use its next draw of unappropriated funds to do its obligations. “This spigot, long contributing to CFPB’s unaccountability, is finally being turned off,” he said, criticizing the agency’s funding mechanism as a “spigot” that contributed to its lack of responsibility.

Vought issued further orders to CFPB staff, telling them to stop all enforcement activities, investigations, and public communications, according to NBC News. The agency's supervision of financial institutions may be greatly impacted by the email's directive to suspend supervision and examination work.

Vought's leadership at OMB has been strongly criticized by Democrats. "He is the wrong man—he seems to care little about the needs of American families; at the wrong place—at powerful OMB, where his decisions will be felt in every corner of the country; with the wrong agenda—the horrible Project 2025," said Senate Minority Leader Chuck Schumer (D-N.Y.), who criticized Vought's confirmation.

Although Vought's decision to temporarily close the CFPB is likely to spark more criticism from the left, it represents a major conservative win in the struggle against excessive regulation.

Visit http://SupportDiamondandSilk.com to Become a Monthly Supporter.
Stay Connected to Diamond and Silk: Chatdit, FrankSpeech, VOCL, TruthSocial, Rumble, Diamond and Silk Media