Earlier this week, Scott Bessent halted CFPB activities, and now all new funding to the agency is being halted per Russell Vought.
https://www.politico.com/news/2025/02/09/vought-cuts-off-cfpb-funding-00203261
This has confused even some MAGA voters who have stated that the CFPB is a beneficial organization that’s put a lot of money back in people’s pockets. This includes MAGA writer Lee Fang of Twitter Files fame.
In 2024, SCOTUS ruled 7-2 that the CFPB was absolutely Constitutional, with Clarence Thomas writing the majority opinion.
https://www.ncsl.org/state-legislatures-news/details/supreme-court-affirms-constitutionality-of-cfpb-funding
Then, why are many MAGAs so against it? One major name against the CFPB is Brian Armstrong, founder of CoinBase who has been cited by CFPB many times for scamming his customers and locking them out of their accounts or dropping hidden fees on them.
If it’s been ruled constitutional, and if it benefits American consumers overwhelmingly, why are MAGAs hell-bent on killing it?
I look forward to a rational, reasonable discussion.