Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee; Congressman Al Green (D-TX), the Ranking Member on the Subcommittee on Oversight & Investigations; and Congressman Bill Foster (D-IL), the Ranking Member on the Subcommittee on Financial Institutions, sent a letter to the Government Accountability Office and the Inspector General for the Federal Reserve. In the letter, the lawmakers request that both offices move quickly to investigate recent unlawful attempts by the Trump Administration and unelected, billionaire Elon Musk to eliminate the Consumer Financial Protection Bureau, and subsequently report their findings and share recommendations to ensure the consumer bureau fulfills its statutory duties and mission.

“I write to request that your offices investigate the unlawful and unconstitutional efforts to unilaterally eliminate the Consumer Financial Protection Bureau (CFPB) by the Trump Administration, including Elon Musk, the so-called Department of Government Efficiency (DOGE), former CFPB Acting Director Scott Bessent, and current CFPB Acting Director Russell Vought. I and many other Members of Congress, along with CFPB employees, consumer advocates, and others have raised a myriad of concerns with the misconduct that we are aware of, and there are multiple lawsuits by stakeholders seeking to block these shameful efforts. A robust investigation by each of your offices would help shed light on the full extent of any misconduct by these individuals to circumnavigate the will of Congress to ensure there remains a strong Federal watchdog protecting consumers in the financial marketplace,” wrote the members.

The lawmakers call out the litany of actions the Trump Administration has taken in recent weeks to systematically “delete” the agency, including sweeping stop work orders; defunding the consumer bureau; mass firings; shutting down the office and disabling the website; handing Musk’s so-called Department of Government Efficiency team access to sensitive consumer data; and undermining Diversity, Equity, and Inclusion initiatives that are mandated by law.

In conclusion, the lawmakers warn that these concerted efforts to eliminate the bureau will increase fraud and abuse at the hands of the financial institutions that the CFPB was put in place to regulate, while simultaneously further enriching Musk at the expense of community banks, credit unions, and fintech startups.

See the letter here.

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