Elon Musk calls to ‘delete’ US finance consumer watchdog agency
Elon Musk has said he wants to “delete” the Consumer Financial Protection Bureau (CFPB), a federal watchdog that helps protect consumers from predatory financial practices.
The tech billionaire, who has been tapped to run a “Department of Government Efficiency” in the incoming Donald Trump administration, posted “Delete CFPB” on X, the social media site he owns. He added a declaration that the agency, which employs 1,700 people and has an annual budget of close to $700m, is an example of “too many duplicative regulatory agencies” in Washington.
The CFPB is an independent watchdog agency with oversight over banks and other financial institutions, created after the financial crash of 2008 and charged with overseeing consumer protection in the industry.
Musk’s post came in response to a recent podcast clip from the venture capitalist Marc Andreessen, a significant Trump donor, who said the agency’s primary purpose is to “terrorize financial institutions”.
