Musk Wants to Abolish Consumer Agency That Has Been a 'Model of Efficiency' | Common Dreams
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"This is systemic corruption at a grand and intolerable scale," one advocate said of the billionaire's call to "delete" the Consumer Financial Protection Bureau.

Summary

Elon Musk called 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’s stance 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
    1·
    5 hours ago

    Yes, they are not consistent in their own logic. They are hypocrites. But that doesn’t mean they aren’t committed to global, free-market capitalism. They’re committed to it in the same way a religious person might be committed to their faith, despite not following, or even knowing all of its precepts. In fact, the rules and definitions of global, free-market capitalism don’t matter. The rules of capitalism are whatever they want them to be, similarly, again, to a pastor who molds his denominations religious teachings to whatever suits him.