Elon Musk, the tech billionaire and incoming advisor to President-elect Donald Trump’s Department of Government Efficiency (DOGE), has called for the dismantling of the Consumer Financial Protection Bureau (CFPB), Al Jazeera reports.
In a Wednesday morning post on X (formerly Twitter), Musk stated, “Delete CFPB. There are too many duplicative regulatory agencies.”
This statement marks one of the most direct indications yet that the CFPB could face significant challenges under a second Trump administration. Musk’s advocacy for the agency’s abolishment follows similar calls from Republican lawmakers and conservative think tanks who argue the CFPB oversteps its authority.
The CFPB, established in 2011 in response to the 2007 financial crisis and the subsequent “Great Recession,” was designed to protect consumers from predatory financial practices. The agency investigates unfair, deceptive, or abusive practices by banks and other financial institutions. According to its own reports, the CFPB has secured over $20.7 billion in compensation and debt cancellation for consumers and responded to more than 5.6 million consumer complaints.
Musk’s comments appear to be a direct response to criticism of the CFPB voiced by Silicon Valley investor Marc Andreessen, a major donor to Trump’s re-election campaign, who claimed the bureau has “terrorised” financial institutions for political reasons.
Musk’s involvement with the newly formed DOGE, tasked with streamlining the federal government, further underscores the potential threat to the CFPB. The DOGE, headed by Musk and fellow entrepreneur Vivek Ramaswamy, will advise the Trump administration on restructuring federal agencies. Musk has already indicated his desire to significantly reduce the size and scope of other federal agencies, including the IRS, suggesting a broader agenda of government deregulation.
The Heritage Foundation’s Project 2025, a policy blueprint for a right-wing presidency, also advocates for the CFPB’s abolishment.
