Rich People Trades
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Rich People Trades

Business

DOGE plans to wind down consumer protection agency and fire nearly all staff, employees say

by admin March 4, 2025
March 4, 2025
DOGE plans to wind down consumer protection agency and fire nearly all staff, employees say

The Consumer Financial Protection Bureau’s Trump-appointed leadership plans to fire nearly all its 1,700 employees while “winding down” the agency, according to testimony from employees.

In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk’s Department of Government Efficiency.

“My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,” said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.

Doe said the plan from CFPB leaders and DOGE was to cut the bureau’s workforce in three phases. It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.

“Finally, the Bureau would ‘reduce altogether’ within 60-90 days by terminating most of its remaining staff,” Doe said.

The workers’ testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis was caused, in part, by irresponsible lending. Since DOGE operatives first arrived at the CFPB this month, the bureau has closed its Washington headquarters, initiated the first round of layoffs, and told those who remain to stop nearly all work.

The filings were made in the case started by a CFPB union that suspended acting Director Russell Vought’s moves to shutter the bureau. After the CFPB fired about 200 probationary and term employees, the agency’s actions were put on hold until a hearing scheduled for Monday.

The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.

“CFPB leadership has also been apparently lying to us that it will allow us to follow the law and our statutory obligations to protect consumers,’ said a current CFPB employee who spoke on the condition of anonymity because they feared repercussions. ‘Those of us employed at the CFPB will not stop fighting for our right to get back to the work of protecting consumers that Congress has required of us.”

In a motion filed Monday, Vought pushed back against the idea that he planned to eliminate the CFPB.

“The predicate to running a ‘more streamlined and efficient bureau’ is that there will continue to be a CFPB,” he wrote.

But the Trump administration’s plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a standalone office or folded into another regulatory body, the workers testified.

In meetings from Feb. 18 to Feb. 25, “staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,” said another current CFPB employee, this one identified as Drew Doe.

“One Senior Executive said that CFPB will become a ‘room at Treasury, White House, or Federal Reserve with five men and a phone in it,’” Doe said.

The employees said that, if directed to by the court, they would provide their names and titles under seal.

This post appeared first on NBC NEWS

previous post
Trump wants to protect South Africa’s White farmers. But potential changes to trade privileges would hurt them
next post
Hempalta Corp. Announces Financial Results for Three Months Ended December 31, 2024

Related Posts

Restaurant chain Hooters files for bankruptcy protection to enable founder-led...

April 2, 2025

JPMorgan Chase CEO Jamie Dimon on Trump tariffs: ‘Get...

January 23, 2025

Buffett denies rumors after Trump shares wild claim...

April 6, 2025

Tesla’s law firm drafts Delaware bill that could...

February 20, 2025

American Eagle shares plunge 17% after it withdraws...

May 15, 2025

Elon Musk and investors offering $97.4 billion for...

February 12, 2025

‘RFK’ing the french fries’: Steak ‘n Shake becomes...

March 18, 2025

Tesla denies report that the EV maker is...

May 2, 2025

How Calvin Klein and Tommy Hilfiger got caught...

February 7, 2025

Walgreens doubles down on prescription-filling robots to cut...

May 14, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      First lady Melania Trump’s new official portrait revealed

      January 28, 2025
    • 2

      Health experts prep Dem lawmakers on anti-vaccine arguments ahead of RFK Jr’s confirmation hearings

      January 28, 2025
    • 3

      ECOWAS pledges to ‘keep door open’ after 3 coup-hit West African nations exit regional bloc

      January 30, 2025
    • 4

      Vale Launches Strategic Review of Thompson Nickel Operations Amid Market Challenges

      January 28, 2025
    • 5

      American fighters are dying in Ukraine in growing numbers. Bringing their bodies home is a complex task

      January 30, 2025
    • 6

      Scorched-earth Shanahan: RFK Jr’s former running mate threatens political war against confirmation opponents

      January 30, 2025
    • 7

      Coral bleaching on Australia’s Great Barrier Reef reaches ‘catastrophic’ levels, study finds

      January 23, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: richpeopletrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 richpeopletrades.com | All Rights Reserved