Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, issued the following statement in response to new reporting and court filings revealing Office of Management and Budget Director Russell Vought’s latest effort to gut the Consumer Financial Protection Bureau (CFPB) by slashing its staff and hollowing out its ability to protect consumers: 

“Russell Vought’s latest assault on the Consumer Financial Protection Bureau is not government efficiency, it is part of Trump’s ongoing and deliberate effort to cripple and ultimately dismantle the one agency in Washington whose sole job is to stand up for consumers and hold financial predators accountable. By hollowing out the CFPB’s enforcement, supervision, fair lending, servicemember, student, seniors, and civil rights offices, among others, this new staffing plan will only ensure the Consumer Bureau cannot fulfill its statutory duties and make it easier for Wall Street megabanks, big tech payment apps, and predatory lenders to cheat people out of their hard earned money without consequence. The people who will pay the price are everyday Americans and our most underserved and underrepresented communities. This includes servicemembers being shipped off to the Middle East, seniors who are scammed out of their lifesavings, students struggling with crushing loads of debt, entrepreneurs seeking their first loan, and those who wish to be first-time homebuyers. 

Reportedly, Mr. Vought recently took the time to meet with House Financial Services Committee Republicans behind closed doors. If he has time to do that, Mr. Vought clearly has time to satisfy his obligations under the law to semiannually report and testify, under oath, before the full Committee and answer for his unlawful and dangerous efforts to dismantle an agency that has broad bipartisan support. His testimony is long overdue, and I urge Chairman Hill to schedule the statutorily required hearing he committed to convene without further delay. The American people deserve transparency, accountability, and the truth about what this Administration is doing to leave families more vulnerable to financial abuse, especially as many are being squeezed by an affordability crisis caused by Trump’s reckless policies. Committee Democrats and I will continue fighting to stop this Administration’s assault on the Consumer Bureau, hold Mr. Vought accountable, and stand up for working families who deserve to be protected from financial abuse.”