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 called 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’s stance 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.

  • Todd Bonzalez@lemm.ee
    7·
    28 days ago

    If you’re a capitalism supporter, this is likely good news. And long may the free market reign. If you’re a socialist, well, you better be organizing workers like there’s no tomorrow.

    I think it’s bad news regardless of what you’re rooting for. Socialists are going to get exploited and harmed just as much as the capitalists are. The only difference is that the capitalists will say “daddy please” as the boot comes down.

    The only winners here are going to be the ruling class.