Republican Sen. Bill Hagerty recently defended a cease work order for the Consumer Financial Protection Bureau, labeling the agency as 'unconstitutional' in its design and claiming it lacks oversight. Hagerty expressed his concerns about the agency's overreach, stating that it has operated recklessly and exceeded its original mandate.
Hagerty, a member of the Senate Banking, Housing, and Urban Affairs Committee, emphasized the need to rein in the CFPB, which he described as a 'rogue' entity that has been 'out of control for some time.' The newly appointed acting director of the CFPB, Russell Vought, issued an email instructing all employees to halt virtually all work, including efforts to combat financial abuse.
