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.

  • OhNoMoreLemmy@lemmy.ml
    3·
    4 days ago

    The important thing is that musk is a classic libertarian grifter.

    His cars are propped up by government subsidies (or they were, I think he’s running into problems), starlink is heavily used by NASA, and the boring company is just another way to extract government money.

    He’ll pretend to be a global libertarian, but what he really wants is sky high tarrifs so he doesn’t have to compete with Chinese electric cars.