Musk calls for abolishing the Consumer Financial Protection Bureau

Odaily News Billionaire Elon Musk has called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting a new threat to the Trump administration's regulatory agency, which has long been attacked by Republicans and business advocacy groups. Musk said on social media on Wednesday, "Remove the CFPB, there are too many duplicate regulatory agencies." Musk's comments are notable because he will lead the Trump administration's "Government Efficiency Department," which aims to cut federal bureaucracy and reduce government spending. The CFPB was responsible for overseeing parts of the financial industry that interact with consumers after the 2008 financial crisis. The agency has faced multiple legal challenges since its inception. (Jinshi)