Musk Wants to Delete the CFPB to Enrich Himself. It Gives a Green Light to All Corporate Scammers. (February 13, 2025)
rooseveltinstitute.org

... In the name of "government efficiency," Elon Musk has marked the Consumer Financial Protection Bureau (CFPB) for "deletion," though there is significant pushback to the outlandish idea that a special government contractor could zero out an agency funded by Congress.

Acting CFPB director Russell Vought -- a Project 2025 coauthor who has vowed to put federal workers "in trauma" -- has ordered the agency to halt all of its work.

And several Musk loyalists have reportedly infiltrated the agency's computer systems and sent out blanket termination emails to dozens of employees. What they're searching for is unclear, but it likely has nothing to do with efficiency. The CFPB has an exemplary track record as a steward of public resources.

Its 2025 budget of $823 million is a fraction of the $20.7 billion it has returned to the American people since its founding by cracking down on corporate fraud and abuse and enforcing consumer protection laws.

It's useful to think about this latest attack through the lens of Musk's personal financial interests. He is reportedly working with Visa to launch his own digital payment system, "X Money," which would subject his platform to the CFPB's regulatory oversight.

Not coincidentally, Musk's attempts to destroy the agency come just a few months after it finalized a rule expanding its supervisory authority to include digital payments apps, including these platforms' handling of consumer data and potential role in attempts to defraud older adults.

That Musk sees the elimination of an anti-scam agency as central to his project should alarm everyone. ...