WASHINGTON—Rep. Maxine Waters (D-CA), the ranking member of the House Financial Services Committee, has sent a letter to Acting CFPB Director Russell Vought, voicing concern over reports that he may use the government shutdown as an opportunity to furlough Bureau employees.
Maxine Waters
Waters condemned this potential move, calling it legally baseless and harmful, stressing that the CFPB’s funding is purposefully not tied to the annual appropriations process and shielded from any attempted shutdown. Waters warned that furloughing staff would serve only as an excuse to accomplish the Trump Administration’s ongoing efforts to weaken and ultimately dismantle the CFPB.
“I write to you with concern, as President Trump seems determined to shut down the Federal government, regarding reports that you might be considering furloughing employees at the Consumer Financial Protection Bureau…,” Waters stated. “Such an action would be both legally baseless and extremely harmful to American consumers at a time when they are suffering from the Trump Administration’s harmful economic policies that are increasing inflation and unemployment.”
Waters went on to caution that such a move, would have devastating consequences, not only for the public servants who are integral to carrying out the agency’s mission, but also for millions of American consumers and the broader economy, especially as families struggle with rising costs and job losses.
“Using a government shutdown as a pretext to furlough staff would not only violate the CFPB’s statutory mandate but would cause direct harm to American consumers. With fewer staff available to investigate violations of consumer financial protection laws, pursue enforcement actions, and stop predatory practices, bad actors in the financial sector will continue to operate unchecked,” Waters added.