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.

  • grue@lemmy.worldEnglish
    121·
    13 days ago

    You know that the Republicans will also control both houses of Congress, right?

    • Rapidcreek@lemmy.world
      72·
      13 days ago

      The house is really close. So much so that Republicans will have a one seat majority until April. The Republicans will have a 3 seat majority in the senate. IDT it’s anything to brag about and not a foregone conclusion for anything.