Musk Wants to Abolish Consumer Agency That Has Been a 'Model of Efficiency' | Common Dreams
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"This is systemic corruption at a grand and intolerable scale," one advocate said of the billionaire's call to "delete" the Consumer Financial Protection Bureau.

Summary

Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

Critics, including Public Citizen, argue Musk is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services, a business Musk appears poised to enter.

“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.

The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.

  • capital
    1•4 hours ago

    Everyone who could have voted Harris but didn’t is complicit. Or at least was fine with a Trump presidency.

    That’s most people in the US.

    • EchEnglish
      3•3 hours ago

      Why do you think I’m talking about them? I said tried.

      • capital
        1•3 hours ago

        I’m not disagreeing with you. Just pointing out that most of the US is at fault for what’s to come.