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.

  • Rapidcreek@lemmy.world
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    1 month ago

    That agency was created by congress and it will take congress to destroy it, no matter what President Musk says.

    • CosmicTurtle0@lemmy.dbzer0.com
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      1 month ago

      In ideal circumstances yes. Nothing stops president Cheeto from firing everyone at the agency. Nothing stops him from initiating a hiring freeze at said agency.

      Nothing stops him from locking the doors, removing computers, desks, phones…

      This is how fascism works. Anything they can’t legislate they’ll make damn near impossible to do.

      • Rapidcreek@lemmy.world
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        1 month ago

        That particular agency was created by law, has a mandate, and is not part of the administration. Its creation by Congress as part of a compromise on an SEC restructure and receives budget as a set percentage of it. It’s purpose is to look out for consumers getting ripped off, such as bank fees. I remember it because it is Elizabeth Warren’s brainchild during the Clinton years. She was supposed to run it, but Republicans didn’t like her. So, she ran for Congress, won a senate seat, and they really don’t like her now.

    • grue@lemmy.world
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      1 month ago

      You know that the Republicans will also control both houses of Congress, right?

      • Rapidcreek@lemmy.world
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        1 month ago

        The house is really close. So much so that Republicans will have a one seat majority until April. The Republicans will have a 3 seat majority in the senate. IDT it’s anything to brag about and not a foregone conclusion for anything.

    • BarqsHasBite@lemmy.world
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      30 days ago

      GOP has Congress. They’re going to rubber stamp whatever Musky tells Trump. If they don’t they get primaried, funded by musky. There’s really no point in trying to be pedantic (which everyone already knows anyway).