Musk calls for the abolition of the Consumer Financial Protection Bureau
U.S. billionaire Musk called for the abolition of the Consumer Financial Protection Bureau CFPB on Wednesday, echoing President-elect Trump's commitment to eliminating regulation.
On Wednesday morning, Musk wrote on the social media platform X: "Abolish the CFPB. There are too many duplicate regulators."
US media Bloomberg pointed out that Musk's move marks a new stage in the long-standing struggle in Washington over the agency.
The Consumer Financial Protection Bureau CFPB is the brainchild of progressive Massachusetts Senator Elizabeth Warren. It was established in response to the malpractices of the financial industry after the 2008 financial tsunami. Its responsibility is to supervise parts of the financial industry that interact with consumers. However, since its establishment, the CFPB has faced multiple legal challenges.
Trump took measures in his first term to largely weaken the CFPB and relax regulation of the banking industry. But during Biden's tenure, the CFPB began to take more active regulatory measures on consumer finance, cracking down on home foreclosures and bank overdraft fees. Earlier this year, the agency won a victory in court when the Supreme Court supported its funding system.
Musk and tech entrepreneur and businessman Vivek Ramaswamy were previously appointed by Trump to head the Department of Government Efficiency (DOGE), which aims to cut federal bureaucracy and reduce government spending.
It is not clear how much of a role the DOGE will play in efforts to reduce the size of the U.S. federal government. Trump has said the commission will "provide advice and guidance outside of government and will work with the White House and the Office of Management and Budget to promote large-scale structural reforms."
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