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.
I like to remind people that businesses are not the best way to run a government.
The government imposes the rules business need to follow. I seasiously doubt business would have stopped child labor, insisted on workers’ safety, or minimum wage, without the government being there being rules that need to enforce the rules.
If the boot licking workers want to experience what this would be like. Go to Asia and get a job at any manufacturing site, and you’ll be at your “dream job”
Those rules were paid for in blood and now we are just throwing it all away.