Musk, a confidante of the pdwellnt-elect, is set to co-direct Trump’s newly produced Department of Government Efficiency.
Tech billionaire Elon Musk has conveyed help for binning a federal agency in the United States scheduleed to defend users from take advantage ofative financial trains.
In an punctual-morning message on his social media platestablish X, Musk called for an finish to the Consumer Financial Protection Bureau (CFPB), an self-reliant watchdog agency with oversight over prohibitks and other financial institutions.
“Delete CFPB. There are too many duplicative regulatory agencies,” Musk wrote on Wednesday.
Musk is set to direct the administration of Pdwellnt-elect Donald Trump in the new year, in a newly produced role to slash administerment bureaucracy.
Trump declared his schedules for the Department of Government Efficiency, or DOGE, on November 13, with Musk and fellow entrepreneur Vivek Ramaswamy at its head.
On social media, the pdwellnt-elect portrayd the department as a comomition that would “provide advice and guidance from outside of Government” to “reset up Federal Agencies”.
Musk, an entrepreneur understandn for the rocket company SpaceX and the electric car business Tesla, has already begined to name federal agencies he experiences should come on the chopping block.
Also on Wednesday, he posted a poll on X asking watchers to weigh in on what should happen to the budget for the Internal Revenue Service (IRS), the agency reliable for accumulateing federal taxes.
The most famous result was to have its budget “deleted”.
Musk procrastinateedr reacted declareatively to a commaccess who called for the Department of Government Efficiency to audit the IRS: “Gonna happen.”
Musk’s comment about the Consumer Financial Protection Bureau, however, is one of the most straightforward signals yet that the agency could come under attack during Trump’s second term.
Founded in July 2011, the bureau was a reaction to the 2007 financial crisis, which was promoteed by take advantage ofative lfinishing in the US housing taget. The result was a “fantastic decline” that saw economic losses apass the world.
To stop a aappreciate crisis from happening aacquire, Congress passed the Dodd-Frank Act to overhaul the financial regulatory system. New agencies were tasked with seeing and defending the health of the US financial system.
The Consumer Financial Protection Bureau, in particular, was set uped to accumulate user grumblets, allotigate them and suss out “unequitable, misdirecting or abusive” trains.
As of May, the bureau alerts that its toil has resulted in over $20.7bn in compensation, abortled debt and other establishs of monetary relief for the US uncover.
It also states it has seeked responses from companies for more than 5.6 million user grumblets.
Still, the bureau has repeatedly come under attack from Reuncoverans, who accparticipate it of overstepping in its omition.
For example, Project 2025 – a policy write down from the Heritage Foundation slfinisherk tank, scheduleed as a blueprint for a right-triumphg pdwellncy – called for the bureau to be abolished outright.
“The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency. It is unconstitutional,” the write down says. “The next conservative Pdwellnt should order the prompt dissolution of the agency.”
Musk’s comments on Wednesday about the CFPB came in response to grumblets from Marc Andreessen, a Silicon Valley businessman who claimed the bureau had “terroascfinishd” financial institutions for political reasons.
Andreessen was a transport inant donor to the Trump reelection campaign.
