United States Senator Elizabeth Warren has released a video addressing concerns over attempts by Elon Musk and Russ Vought to dismantle the Consumer Financial Protection Bureau (CFPB). In her message, she highlights the risks posed to consumers if the agency is weakened.
According to Warren, Vought recently informed Wall Street that it is "open season" for exploiting families, veterans, seniors, and students by halting the CFPB's supervisory activities. This would affect oversight of the $18 trillion consumer lending market and halt investigations into illegal foreclosures and car repossessions. Additionally, examinations intended to prevent debanking and protect privacy could be discontinued.
Warren criticized President Trump for failing to support working people despite campaign promises. She emphasized that Congress established the CFPB and maintains that only Congress can legally terminate its operations.
In her video, Warren states: "If you have a bank account, or a credit card, or a mortgage, or a student loan - this is a code red. I am ringing the alarm bell." She warns that without the CFPB, Wall Street CEOs could exploit consumers unchecked.
The senator praised the CFPB's achievements in recovering over $21 billion for cheated families and highlighted its role in regulating fees from banks and credit card companies. She questions Musk and Vought's motives: "So why are these two guys trying to gut the CFPB? It’s not rocket science."
Warren urges public action: "There is power in fighting back. Power. We will not let up in Congress or the courts until we win this fight."
Contact information for further inquiries was provided as 534 Dirksen Senate Office Building, Washington D.C., with phone number (202) 224-7391.