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.

  • Diplomjodler@feddit.org
    15·
    16 hours ago

    So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.

    • NotMyOldRedditName@lemmy.world
      13·
      13 hours ago

      Nah, worse than that.

      When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren’t.

      But with it gone, they’ll start up again.