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 called 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’s stance 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.

  • vga@sopuli.xyz
    12·
    12 days ago

    Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.

    If you want to see an actual free-market capitalist who also has power and is not just a guy in the internet, check out Argentina’s still miraculously current president Milei.

    • TheDemonBuer@lemmy.world
      3·
      12 days ago

      Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.

      No true Scotsman.