Elon Musk has called for the elimination of the Consumer Financial Protection Bureau (CFPB), one of the US government’s most prominent financial watchdog agencies, in a post shared on the social media platform X, which he owns.
Musk’s statement comes as part of his involvement with the “Department of Government Efficiency” (DOGE), a new initiative designed to reduce government spending and bureaucracy under the administration of President-elect Donald Trump.
In his early-morning post, Musk stated, “Delete CFPB,” criticizing the agency for being part of a network of “too many duplicative regulatory agencies” in Washington. The CFPB, which was created following the 2008 financial crisis, has a broad mandate to protect consumers from unfair, deceptive, or predatory financial practices. It has been instrumental in securing over $19 billion in consumer relief since its inception and has penalized major financial institutions for regulatory violations.
Despite its successes, the CFPB has faced significant opposition, particularly from large financial institutions that claim the bureau overreaches its authority. Musk’s comments echo criticism from Marc Andreessen, a Silicon Valley investor and supporter of Trump, who recently argued that the CFPB has been overly aggressive in its oversight of financial entities.
The CFPB’s director, Rohit Chopra, has recently taken steps to further protect consumers, including new rules aimed at limiting medical debt, making it easier to switch banks, and reducing fees related to credit card debt. However, Musk’s call for the agency’s dissolution aligns with broader Republican sentiments, particularly within conservative circles, that have criticized the CFPB as an unconstitutional and overbearing body.
Musk’s opposition to the CFPB is part of his broader efforts with DOGE, which aims to streamline government operations and reduce wasteful spending. The initiative, co-led by Musk and entrepreneur Vivek Ramaswamy, seeks to cut unnecessary regulations and restructure federal agencies. The Department of Government Efficiency is also reportedly focused on slashing at least $2 trillion from the federal budget.
Musk’s call for the elimination of the CFPB comes amid ongoing political debates over the agency’s role and funding. Some Republican lawmakers, along with conservative think tanks, have pushed for the bureau’s abolition as part of a larger conservative policy agenda. Additionally, the Trump administration has previously attempted to reduce the CFPB’s power, including during the tenure of Mick Mulvaney, who served as acting director in 2017 and proposed a budget with zero funding for the agency.
The Washington Post, Al Jazeera, and New York Post contributed to this report.
