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.

  • TheDemonBuer@lemmy.world
    11·
    4 months ago

    Musk has publicly praised the book, ‘The Capitalist Manifesto: Why the Global Free Market Will Save the World,’ that came out last year. The book, as you would assume, advocates for essentially unregulated, free market capitalism. I think Musk, and others like him, see a second Trump term as an opportunity to try and bring about the capitalist utopia that the book envisions.

    If you’re a capitalism supporter, this is likely good news. And long may the free market reign. If you’re a socialist, well, you better be organizing workers like there’s no tomorrow.