Billionaire Elon Musk has called for abolishing the Consumer Financial Protection Bureau (CFPB), calling it a duplicative regulatory agency, ChainCatcher reported.
Musk's comments raised eyebrows because he will be working with the Trump administration's "Department of Government Effectiveness," which aims to cut federal bureaucracy and reduce government spending.
The CFPB was created after the 2008 financial crisis to oversee the financial industry's consumer interactions and has faced legal challenges since its inception.