Elon Musk wants to 'delete' federal financial watchdog as 'DOGE' begins work [View all]

Source: Washington Post

Elon Musk called Wednesday for the elimination of the Consumer Financial Protection Bureau, one of the nation’s most powerful watchdog agencies, signaling it could be scrapped as part of a planned review of government spending ordered by President-elect Donald Trump.

“Delete CFPB,” Musk said in an early-morning post on X, the social media site he owns, categorizing the bureau as an example of “too many duplicative regulatory agencies” in Washington.

Formed in the wake of the 2008 banking crisis, the CFPB has a broad mandate to protect Americans from unfair, deceptive or predatory financial practices. Its current director — Rohit Chopra, a Democrat — recently issued rules meant to shield people from medical debt, make it easier for them to switch banks and limit the fees they face from overdrawing their checking accounts or falling behind on their credit card bills.

Musk did not elaborate on his objections to the CFPB, and he did not immediately respond to a request for comment. But his opposition is significant, as he works to set up a new entity operating outside the federal government called the “Department of Government Efficiency,” that has already encouraged Trump to sidestep Congress and push the limits of executive power once he is in office again.

Read more: https://www.washingtonpost.com/business/2024/11/27/elon-musk-delete-cfpb-doge/