Sen. Elizabeth Warren Warns On Consumer Financial Protection Bureau Cuts: 'Let The Scams Begin'

Repeatedly referring to him as Co-President Elon Musk, Sen. Elizabeth Warren laid out a litany of warnings about actions that have taken place during the first days of the Trump administration.

Warren, the ranking Democrat on the committee, made the comments during an opening statement during a hearing involving Federal Reserve Chairman Jerome Powell to the Senate Banking Committee on Tuesday morning.

Warren specifically targeted the potential elimination of the Consumer Financial Protection Bureau.

The acting director shut the headquarters down in Washington this week and told all employees to stay at home.

"There are now zero cops overseeing the $18 trillion consumer lending market," Warren said as Powell listened. "Investigations into illegal foreclosures and auto repossessions... canceled. Exams of giant credit card issuers to weed out unlawful junk fees... canceled."

"If Musk and his OMB director are successful in killing CFPB it's like putting a sign on every checking account, every credit card, every mortgage application and every car loan: 'Cops have been fired, let the scams begin."

The National Treasury Employees Union brought two court cases against acting CFPB director Russell Vought, accusing him of trying to shut down the agency -- which was created by Congress -- and of giving the Elon Musk-led Department of Government Efficiency (DOGE) access to employees' personal information.

Vought's actions reflected "an unlawful attempt to thwart Congress's decision to create the CFPB to protect American consumers," they argued in one of the suits.

Warren also called on the Federal Reserve to cut interest rates at its next policy meeting. When Powell addressed the committee he said there was no rush to change its current policy stance.