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.
That particular agency was created by law, has a mandate, and is not part of the administration. Its creation by Congress as part of a compromise on an SEC restructure and receives budget as a set percentage of it. It’s purpose is to look out for consumers getting ripped off, such as bank fees. I remember it because it is Elizabeth Warren’s brainchild during the Clinton years. She was supposed to run it, but Republicans didn’t like her. So, she ran for Congress, won a senate seat, and they really don’t like her now.