On February 11, local time, Federal Reserve Chairman Powell said at a congressional hearing that he did not believe Musk or members of the Department of Government Efficiency (Doge) team had tried to access Federal Reserve data or systems. If he finds an attempt to gain access to protected systems or "undermine" the Fed's independence, he will report it to Congress.
Regarding the Consumer Financial Protection Bureau (CFPB), Powell said the Fed does not decide how and why it spends money. Other than the CFPB, no U.S. regulator is responsible for ensuring that banks comply with rules to guard against defrauding consumers. All banks not regulated by the Fed have gaps in their enforcement of consumer protections.
According to Yahoo Finance, the Federal Reserve is the CFPB's funder (funder). According to Reuters, the Trump administration has asked the CFPB to halt enforcement activities as part of Musk's drive to make the government more efficient.
Asked how he would respond if Trump tried to remove a Fed member, Powell said, "That's clearly not allowed by law."
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