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Musk wants to abolish consumer agency that has been a ‘model of efficiency’ (www.commondreams.org)

submitted 2 weeks ago by MicroWave to c/news

44 comments fedilink hide all child comments

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.

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[–] [email protected] 15 points 2 weeks ago (1 children)

So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.

[–] NotMyOldRedditName 16 points 2 weeks ago* (last edited 2 weeks ago)

Nah, worse than that.

When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren't.

But with it gone, they'll start up again.