← Videos · Gov Efficiency & Workforce

Vought Presents the CFPB Semiannual Report to House Financial Services, Jul. 15, 2026

July 15, 2026 · Forbes Breaking News · 3:02:46

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Russell Vought testified before the House Financial Services Committee on July 15, 2026 — in his parallel role as acting director of the Consumer Financial Protection Bureau — to present the Bureau’s semiannual report, in Forbes Breaking News’ full recording of the hearing chaired by French Hill. Vought said he appeared ‘as I reach the end of my tenure at CFPB,’ and told the committee his team had found an agency ‘weaponized, out of control,’ and beyond its statutory mandate. He cited the Council of Economic Advisers’ finding, as he stated it, that the CFPB had cost consumers between $237 billion and $370 billion since 2011, said the Bureau had been downsized ’to the maximum extent possible’ with enforcement refocused on actual consumer harm and due process, and named the President’s nominee, Brian Johnson, as the successor who would continue the course if confirmed.

The hearing was heated: Forbes’ own segment uploads capture Rep. Rashida Tlaib telling Vought ‘You should be fired!’ and a shouting exchange between Rep. Ayanna Pressley and the chair — criticism and confrontation carried here as they were delivered.

Why it matters

Vought’s CFPB tenure is the clearest case of his governing method applied inside an agency: shrink it to the statutory floor, reorient enforcement, and argue the structure itself is defective — his closing case, delivered as the tenure ended.

Scoreboard watch

Scoreboard watch: the CFPB downsizing and the CEA cost figure ($237–$370 billion since 2011) as Vought stated them on July 15, 2026 — flagged for the scoreboard editors; the entry itself remains review-gated.

Sources: Forbes Breaking News, ‘Russell Vought Testifies In Fiery House Financial Services Committee Hearing Led By French Hill,’ July 15, 2026 (video vlZ6o7qfPTU); transcript via Supadata (private research store, paraphrased and attributed, never republished verbatim). Alternate sources recorded in the index: Forbes member segments XMmbnTCBquw (Tlaib) and gmZ3FhH9iV0 (Pressley).