Russ Vought was confirmed by the Senate Thursday evening to become President Donald Trump's Director of the Office of Management and Budget (OMB). Vought, who served in this same role during the president's first administration, was confirmed by a 53-47 vote. 

"I congratulate Mr. Vought on his confirmation and continued leadership of the Office of Management and Budget. America's Credit Unions looks forward to working with him and his team to ensure the administration fully understands and appreciates the credit union difference and we collectively advance our credit union priorities," said Americas Credit Unions President/CEO Jim Nussle, who served as OMB Director from 2007-2009. 

The OMB Director is a cabinet level position, and the office resides within the Executive Office of the President to oversee not only the president's budget recommendation to Congress and fiscal management of all 15 federal agencies, but also houses the Office of Information and Regulatory Affairs, the gatekeeper for all federal regulations. Serving in a Senate-confirmed position, Vought could be named as CFPB acting director; currently, Treasury Secretary Scott Bessent serves in the acting role.

Recently, OMB announced it would work to implement the president's executive order to halt federal funds, grants, and loan disbursements of all agencies. This move would impact the Small Business Administration 7(a) program, Community Development Financial Institution Fund, NCUA’s Community Development Revolving Loan Fund, and Greenhouse Gas Reduction Fund, among other programs. 

America's Credit Unions remains actively engaged with the White House and looks forward to working with Vought to ensure the Administration understands credit union priorities and the benefits of the credit union tax exemption for all Americans and the overall economy.