PANews, November 27 - According to Jinshi reports, billionaire Elon Musk has called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting a new threat to this regulatory agency that has long been attacked by Republican and business advocacy groups under the Trump administration. Musk stated on social media on Wednesday, "Abolish the CFPB, there are too many overlapping regulatory agencies." Musk's comments are noteworthy as he will lead the "Department of Government Efficiency" under the Trump administration, which aims to cut federal bureaucracy and reduce government spending. After the financial crisis of 2008, the CFPB was responsible for overseeing certain responsibilities of the financial industry that interact with consumers. The agency has faced multiple legal challenges since its establishment.
