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Republican members of the Financial Committee have expressed their support for President Donald Trump's decision to remove Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). In a letter to the President, they praised the appointment of U.S. Treasury Secretary Bessent as the Acting Director of the CFPB, emphasizing a shift towards aligning the agency's operations with the goals of the Trump administration. Several Republican representatives characterized Chopra as a 'rogue regulator' and indicated that this change presents an opportunity to refocus the CFPB's mission. Some members have also called for Congress to pass legislation to defund the CFPB entirely, asserting that the agency operates without sufficient accountability. The CFPB is funded by the Federal Reserve, raising questions about the mechanics of defunding it without Congressional approval.
Confused by this tweet, Vivek. 1) Congress created and then funded the CFPB via the Federal Reserve. 2) The president has been defunding programs funded by Congress without seeking Congressional approval anyway, so why do you think this matters? 3) You and Musk wrote an op-ed… https://t.co/0MGJ05rtPS
Agreed that CFPB should end. How can a president do it given CFPB is funded by the Federal Reserve? Would be great, but not sure of the mechanics… https://t.co/eTV9zcElf5
The CFPB is NOT funded by Congress but by the Federal Reserve, an intentional gambit by Democrats that allows CFPB to evade Congressional oversight. But that’s a double-edged sword: if it isn’t funded by Congress, that means a President doesn’t need Congress to defund it either.
