‘This Is Code Red!’ Elizabeth Warren Goes Off About Elon Musk ‘Trying to Gut’ Government Agency
Senator Elizabeth Warren (D-MA) called “code red” on the decision of Office of Management and Budget Director Russell Vought to freeze the Consumer Financial Protection Bureau (CFPB) in what she calls a blatant attempt to dismantle consumer protections.
In an internal email obtained by NBC News, Vought, newly installed as acting head of the CFPB, ordered employees to halt supervision, investigations, enforcement actions, and stakeholder engagement. He also announced that the bureau would not draw its next round of funding from the Federal Reserve, calling its $711.6 million balance “excessive.”
Vought’s actions come as part of a broader Trump administration effort to cut-costs and and shrink federal agencies, with Elon Musk’s role in the Department of Government Efficiency (DOGE) zeroing in on regulatory bodies like the CFPB and USAID.
Musk himself took to X, declaring “CFPB RIP” with a tombstone emoji. Shortly after, the CFPB’s X account vanished, and its website went offline.
On Monday, Warren took to social media to post a video in which she criticized the move:
If you have a bank account or credit card or mortgage or student loan, this is code red! I am ringing the alarm bell. Elon Musk and the guy who wrote Project 2025, Russ Vought, are trying to kill the Consumer Financial Protection Bureau. If they succeed, CEOs and Wall Street will once again be free to trick, trap, and cheat you.
The CFPB is the little agency working to shut down scams and fraud on payment apps like Zelle and PayPal and Cash App. It’s the agency that steps in when the big bank trips up and repossesses your car. It’s the agency that’s working to cut those crazy fees that banks and credit card companies bury down in the fine print and then you gotta pay for them. Already, this little agency has forced giant banks and corporations to give back more than $21 billion directly to families they cheated – and that includes hundreds of millions of dollars back for veterans who got cheated by predatory lenders.
So why are these two guys trying to gut the CFPB? Not rocket science. Trump campaigned on helping working people. But now that he’s in charge, this is the payoff to the rich guys who invested in his campaign and who want to cheat families and not have anybody around to stop them.
It’s another scam.
After the 2008 financial crash and the big bank bailout, Congress created the CFPB to protect people from getting swindled. For years, Republicans have tried and tried again to repeal it in Congress, and they have failed every single time. Congress built the CFPB, and no one other than Congress, not the president, not Musk, not Vought, can shut it down.
There is power in fighting back. Power. We will not let up in Congress or the courts until we win this fight. So please, call your representative and most of all, get the word out. We are here to fight for the little agency that fights for us.
Watch above via X.
