Summary

Elon Musk wants 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 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.

  • Diplomjodler@feddit.org
    15·
    13 days ago

    So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.

    • NotMyOldRedditName@lemmy.world
      16·
      13 days ago

      Nah, worse than that.

      When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren’t.

      But with it gone, they’ll start up again.