May 12, 2025 | WASHINGTON, D.C. — Today, Accountable.US, Student Borrower Protection Center (SBPC) and eight other watchdog and advocacy groups urged the acting inspector general of the Federal Reserve and the Consumer Financial Protection Bureau (CFPB) to immediately investigate conflicts of interest between at least one DOGE staffer who has had a role overseeing attempted mass firings at the CFPB, while also holding financial interests in the dysfunction and attempted dismantling of the agency.
Read the full letter here: https://accountable.us/wp-content/uploads/2025/05/20250502-Sign-on-Letter-DOGE_CFPB-IG-DRAFT-v2.pdf
The groups’ letter to the acting IG, first reported by Politico Morning Money, comes after recent ProPublica reports revealed that a top DOGE official, Gavin Kliger, who was overseeing attempts to fire most staff at the CFPB, stood to directly financially benefit from the destruction he was causing. Reporting indicates that Kliger holds as much as $715,000 of stock in companies that are expected to benefit from the decimation of the agency, despite Kliger reportedly being warned he must “not participate in any actions that could benefit him personally.” According to financial disclosures, Kliger owns between $15,001 and $50,000 of stock in Apple, between $100,001 and $250,000 of Tesla stock, as well as cryptocurrency, including between $1,001 and $15,000 of Solana and between $15,001 and $50,000 of Bitcoin. ProPublica later reported that Kliger also holds up to $350,000 worth of stock in Google parent Alphabet Inc., Berkshire Hathaway, and the Chinese e-commerce company Alibaba combined.
“Americans expect that those who serve in office are looking out for the public interest, not their own bottom line. But despite warnings from ethics watchdogs, that’s what Donald Trump, Elon Musk, and DOGE lieutenant Gavin Kliger have done by personally profiting off their devastating cuts to government services. It’s an abuse of power, plain and simple,” said Accountable.US Executive Director Tony Carrk. “Clearly, the Trump Administration is more focused on self-enrichment schemes and making it easier for corporate special interests to take advantage of regular Americans than it is on bringing down skyrocketing costs. The CFPB Inspector General must investigate this matter immediately.”
“It’s clear that the mission of Elon Musk and his DOGE crew has nothing to do with reducing ‘waste, fraud, and abuse,’ and everything to do with lining their own pockets at the expense of working people,” said SBPC Executive Director Mike Pierce. “Federal ethics laws are in place to prevent public servants from abusing their positions—and access to market-moving information—for personal profit. It’s time for an independent investigation to determine whether Gavin Kliger or any other member of DOGE has committed criminal activities in their mission to destroy the CFPB.”
The CFPB, the consumer watchdog agency founded in the wake of the Great Recession to protect consumers, has returned more than $21 billion to more than 200 million Americans who had been ripped off by banks, student loan servicers, and other companies that have broken the law. However, since taking office, the Trump Administration, including Kliger, has tried to fire nearly 90 percent of the CFPB’s staff, and has kneecapped its ability to protect consumers and hold Wall Street and Big Tech giants accountable for illegal actions. A number of the companies Kliger has invested in, including Apple and Berkshire Hathaway subsidiary Vanderbilt Mortgage & Finance, have been penalized or investigated by the CFPB for illegal activities. CFPB staff also reportedly barred from investing in Bitcoin and Solana “under agency guidance on investing in cryptocurrency firms”—another violation of ethics requirements by Kliger.
Earlier this year, an Accountable.US report found that Donald Trump and Elon Musk are also likely to profit from the sidelining of the watchdog agency. Both Trump and Musk’s ventures into digital wallets and payment processing would be subject to the now-overturned CFPB action.
Signers of the letter include:
Accountable.US
Americans for Financial Reform
American Oversight
Consumer Action
Consumer Federation of America
Project On Government Oversight (POGO)
Public Citizen
Student Borrower Protection Center
Virginia Citizens Consumer Council
20/20 Vision
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.