Bloomberg News reports:
Billionaire Elon Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under President-elect Donald Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups.
“Delete CFPB. There are too many duplicative regulatory agencies,” Musk wrote in a post on his social-media platform X early Wednesday.
The CFPB — the brainchild of progressive Massachusetts Senator Elizabeth Warren — was created as part of the 2010 Dodd-Frank Act in the wake of the financial crisis and given the job of overseeing parts of the financial industry that interact with consumers.
Read the full article. The agency is also on the Project 2025 hit list. Rather obviously, Musk wants to head off any oversight of his plan to turn X into a virtual bank in which users pay bills and transfer funds a la PayPal – with Musk getting a cut of every transaction.
Elon Musk has called to “delete” the Consumer Finance Protection Bureau, days after the CFPB finalized a rule increasing oversight of nonbank digital payments to reduce fraud.
— More Perfect Union (@MorePerfectUS) November 27, 2024
Billionaire Elon Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under President-elect Donald Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups. https://t.co/yxqIDRSZbF
— Bloomberg Politics (@bpolitics) November 27, 2024