The richest man on earth wants to eliminate the Consumer Financial Protection Bureau.
“Delete CFPB. There are too many duplicative regulatory agencies,” Elon Musk wrote on X in response to an error-riddled clip of Trump megadonor Marc Andreessen talking about how much he hates pro-consumer regulation on the Joe Rogan show. In the video, Andreessen tells a shocked Rogan that the CFPB is debanking people and companies for “having the wrong politics.”
In reality, the CFPB has put forth measured, bipartisan policy that protects from that very situation.
Director Rohit Chopra recently stated his clear opposition to politically motivated debanking of conservatives and Christians.
“The CFPB put out a legitimately good rule that went after banks over debanking users based on political views,” reporter Ryan Grim noted. “Now VCs and Musk who don’t like the CFPB for other reasons are straight up lying to whip people into a frenzy and defang the CFPB. The message: they think you are stupid and can’t read and are going to make your life worse in order to enrich themselves.”
Musk, along with Vivek Ramaswamy, will head the Department of Government Efficiency, and is dead set on wiping away large swaths of vital regulation, mostly to benefit people like himself. The CFPB seems to be the latest thing on this chopping block.
“You put a billionaire in charge, and shockingly he finds that an agency which fights for consumers against bank fraud is one of the first government functions that needs to go,” wrote Bernie Sanders adviser Faiz Shakir.
