In its latest frontal attack on the federal bureaucracy, the Trump administration is moving to drastically downsize the Consumer Financial Protection Bureau.
The agency, created during the Obama administration, has been temporarily rendered ineffective, as a Trump appointee ordered its employees to stop working Sunday.
Created by a 2010 act of Congress as an agency, the CFPB has long been accused by detractors of a lack of accountability, political bias, and unconstitutionality. Now, the agency appears to be on the chopping block.
On Friday, Russell Vought, the newly appointed head of the Office of Management and Budget, took over as acting director of the CFPB. One of his first actions as head of the agency was to turn down the hundreds of millions dollars it receives from the Federal Reserve.
“I have notified the Federal Reserve that CFPB will not be taking its…
