Senator Andy Kim (D-N.J.), Ranking Member of the Subcommittee on National Security and International Trade and Finance on the Senate Committee on Banking, Housing and Urban Affairs, and Senator Elizabeth Warren (D-Mass.), Ranking Member of the full committee, released the following joint statement following the release of a report at their request for an investigation by the independent Office of Inspector General (OIG) for the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) into the Trump Administration’s attempt to destroy the CFPB:

“Donald Trump promised to lower costs ‘on day one.’ Today’s independent watchdog report reveals the staggering extent to which the Trump Administration’s assault on the CFPB has cost American families. New details lay out Trump and Russ Vought’s systematic attempt to destroy the agency, including by cancelling hundreds of contracts, creating a backlog of 16,000 consumer complaints, and halting 80 enforcement actions against companies for cheating consumers.

“Over the last year and a half, Americans have paid at least $26 billion because of Trump’s attack on the agency. But the Administration’s attempt to eliminate the agency has failed, thanks to people across the country coming together to fight for the CFPB. Today’s report is a reminder of how important it is to stay in the fight.”

Senator Kim continues his work to hold the Trump administration accountable for leaving American consumers behind and dismantling critical federal services, including demanding answers about reductions in force and contract cancellations, updates to the CFPB Consumer Complaint Portal, and other interferences at the agency. Senator Kim has previously forced votes on the Senate Floor to reverse Trump’s attacks on American consumers, including filing two Joint Resolutions of Disapproval of Trump Administration CFPB rules to protect Americans from unfair and illegal debt collection and defend their right to access and control their financial reports and futures.