CoinVoice has learned that billionaire Elon Musk has called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting the new threat to this regulatory body that has long been attacked by the Republican Party and business advocacy groups under the Trump administration. Musk stated on social media on Wednesday, 'Eliminate the CFPB, there are too many redundant regulatory agencies.'
Musk's comments are noteworthy because he will be working with the 'Office of Government Efficiency' that leads the Trump administration, which aims to cut federal bureaucracy and reduce government spending. Following the outbreak of the 2008 financial crisis, the CFPB was tasked with overseeing parts of the financial industry that interact with consumers. The agency has faced numerous legal challenges since its inception. [Original link]