Why Elon Musk wants to ‘delete’ an agency that protects your money

https://www.msnbc.com/opinion/msnbc-opinion/elon-musk-trump-cfpb-marc-andreesen-rcna182551

by msnbc

8 comments

  1. **From Helaine Olen, a managing editor at the American Economic Liberties Project and a reporter in residence at the Omidyar Network:**

    The Silicon Valley Bros are not fans of the Consumer Financial Protection Bureau. Elon Musk would like you to know that he believes the bureau is an unnecessary bureaucratic hiccup and one that should not exist. “[Delete CFPB](https://x.com/elonmusk/status/1861644897490751865),” he posted on X last week, adding it’s “duplicative,” a perfect target, he seemed to indicate, for his DOGE commission to improve government efficiency. Musk’s comment was in response to, yes, another post, this one detailing claims about the agency made by venture capitalist Marc Andreessen on Joe Rogan’s popular podcast. Andreessen claimed the CFPB is the personal fiefdom of Sen. Elizabeth Warren, D-Mass., and that it pursues political and business vendettas against Republicans and small, scrappy fintech startups on behalf of Democrats and the big banks.

    None of this is true. The amount of bad faith and seemingly deliberate duplicity on display here — by Musk, Andreessen and many who support them online — is staggering. The CFPB aims to protect to the American people from vested financial interests big and small, ranging from too-big-to-fail banks to fly-by-night payday loan lenders to Silicon Valley fintech startups. Almost all these interests hate it, not because the agency is “duplicative,” but precisely because it is not. 

    **Read more:** [https://www.msnbc.com/opinion/msnbc-opinion/elon-musk-trump-cfpb-marc-andreesen-rcna182551](https://www.msnbc.com/opinion/msnbc-opinion/elon-musk-trump-cfpb-marc-andreesen-rcna182551)

  4. I am with Elon Musk on this one. As everyone can visibly see, the Fed is not protecting anyone but themselves. Exactly where is the Fed on the sky high rent or the cost of new cars? Don’t see them protecting me there.

  6. “Over its almost 13 years, the agency has stopped numerous financial ripoffs and [returned billions of dollars](https://www.consumerfinance.gov/about-us/blog/twelve-years-of-protecting-consumers-and-honest-businesses/#:~:text=%2417.5%20billion%20%E2%80%93%20The%20amount%20of,CFPB%20enforcement%20and%20supervision%20work) to the public. Its mere existence provides an ongoing demonstration of how the government can effectively stand up to big money interests and protect the American people. Fittingly, Musk — and other Silicon Valley titans — want it to go away.”

    I’m sorry the agency barely protects the average person. 70% of wallstreet wealth belongs to 10% of the population and its getting worse every year.

    Its a young agency, we really should be looking at why it was created.

    The [Consumer Financial Protection Bureau](http://www.consumerfinance.gov/) (CFPB) was created to make sure that the financial products and services that  Americans depend on every day —including credit cards, mortgages, and loans—work better for the people who use them.

    Before CFPB was established, seven different Federal agencies were responsible for various aspects of consumer financial protection. No single agency had effective tools to set the rules or oversee the whole market, and that is part of what led to an economic crash of epic proportions.

  7. Its funny how they say they want to cut 2 trillion dollars when that exceeds all discretionary spending.

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