The Consumer Financial Protection Bureau was dealt a "dagger to the heart" on Monday morning as Russell Vought, the head of the Office of Management & Budget, ordered all employees of the government agency to cease all work.
In this clip from The Call @ Hedgeye, Financials analyst Josh Steiner explains what this could mean for financials stocks as well as the Fed's role in the agency.
"[Vought] told the Fed that the CFPB would not be drawing its appropriation," Steiner explains. "It's the only government agency that's funded by the Fed. I would presume there would be legal challenges...but ceasing operations is a whole other level."
Watch The Call @ Hedgeye for more as this story develops and how it could impact financials stocks.
