Staff Reports
The Trump administration’s strategic move to effectively neuter the Consumer Financial Protection Bureau (CFPB) could be its most commendable feat. This so-called financial guardian, originally the brainchild of Elizabeth Warren, has long been a bureaucratic monstrosity operating well outside the confines of democratic accountability. Trump may have known that shutting it down would mean slashing through red tape with the precision of a surgeon—or, more appropriately, a chainsaw.
The CFPB, funded directly by the Federal Reserve rather than Congress, manages to operate like a kid with an unlimited credit card. This independence has allowed it to create a shadowy financial enterprise that raises far more money than it actually needs, effectively bloating into an unanswerable titan of regulation. Randy Neugebauer, a former House Representative, has been vocally critical of the CFPB’s secretive nature, noting his futile attempts to obtain basic financial documents from the agency. Unsurprisingly, the CFPB had the resources, but not the inclination, to answer those requests.
BRUTAL!! Elizabeth Warren started SCREAMING on the Senate floor to oppose Russ Vought's confirmation & got shut down right away.
Warren: "BLAH BLAH BLAH."
Chair: "No debate is permitted during a vote, the Senator WILL SUSPEND
Warren: Sits back down in shame.
How does… pic.twitter.com/cN6Bnm9Byw
— George (@BehizyTweets) February 7, 2025
Despite its early attempts to defy executive oversight—most notably by attempting to shield its director from being dismissed by the president—the agency’s resistance was shattered by the Supreme Court in 2020. The ruling reaffirmed that the president indeed holds the constitutional power to fire these directors at will. This foundational victory placed the CFPB back in the hot seat, making it ripe for reform. Thus, the prospects for a bureaucratic agency designed as a liberal fortress took a significant hit.
The CFPB’s overreach has been nothing short of impressive, with an endless supply of regulations issued while remaining blissfully unbothered by public scrutiny. It masquerades as a protector of consumers, yet operates with little to no accountability, a haven cherished by progressives. However, their shock at the possibility of losing it all, just like that, is priceless. With Donald Trump out of power, few anticipated that anyone would have the gall to scale back this overblown agency.
Russ Vought, the new man at the CFPB’s helm, has boldly called into question the necessity of the agency’s funding. He has indicated that the CFPB won’t be requiring its next allocation of taxpayer dollars because it simply isn’t “reasonably necessary.” In a stunning twist of fate, the CFPB, currently sitting on a hefty pile of $711.6 million, may see its cash flow turned off entirely. The very structure that was meant to support an unaccountable agency is being yanked from under it, leaving progressives scrambling for the nearest fainting couch.
The irony is almost too rich to swallow; had Warren designed the CFPB as a standard agency subject to regular oversight, she might have had a fighting chance at maintaining its status. Instead, she crafted a behemoth that was ridiculously easy to undermine. This time, however, Elizabeth Warren and her ilk won’t be able to pass the buck. Instead, they will likely be watching from the sidelines as the CFPB’s power dwindles, all while desperately trying to brand Trump’s actions as tyranny.
Make no mistake, the CFPB is indeed a cautionary tale about creating structures of power too insulated from accountability. Every effort should be aimed at reforming or outright abolishing such entities to ensure they are governed by the same rules as everyone else. While a complete shutdown would be ideal, for now, perhaps the best entertainment will come from witnessing Elizabeth Warren’s dreams of unassailable bureaucracy crumble. The pendulum is swinging back, returning power to the voters as it was always intended to be. Those who defended the dubious sanctity of the CFPB are only left to wonder how they lost their grip.
