Elon Musk calls for abolishing US Consumer Protection Bureau

Tech mogul Elon Musk, a prominent ally of President-elect Donald Trump, has called for the elimination of a key consumer protection agency in the United States, adding fuel to the fire of a looming regulatory overhaul under the Trump administration.

In a tweet posted early Wednesday on his social media platform, X, Musk wrote, “Delete CFPB. There are too many duplicative regulatory agencies.” The comment targets the Consumer Financial Protection Bureau (CFPB), an independent federal agency designed to safeguard consumers from predatory financial practices.

Musk’s call for dismantling the CFPB aligns with his upcoming role in the new administration. Set to advise Trump in the Department of Government Efficiency (DOGE), Musk, along with entrepreneur Vivek Ramaswamy, will lead efforts to reduce government bureaucracy. Trump announced the formation of the department earlier this month, describing it as a commission to “restructure Federal Agencies” by offering advice and guidance from outside the government.

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Musk, best known for his ventures SpaceX and Tesla, has previously expressed concerns over government overreach and redundancy in federal agencies. His latest remarks on X are among the clearest signals yet that the CFPB could be a prime target for cuts during Trump’s second term.

The CFPB, established in 2011 following the 2007 financial crisis, was tasked with protecting consumers by regulating financial institutions and investigating unfair practices. The agency has helped secure over $20.7 billion in compensation and debt relief for consumers, according to its latest report.

Despite its successes, the CFPB has long been a target for conservative critics. Project 2025, a policy blueprint from the Heritage Foundation, advocates for its abolition, labeling it a “highly politicized, damaging, and utterly unaccountable federal agency.”

Musk’s comments echo similar sentiments voiced by Silicon Valley billionaire Marc Andreessen, who recently criticized the bureau for what he described as politically motivated actions against financial institutions. Andreessen, a major donor to Trump’s re-election campaign, called the CFPB a “terrorizing” force on businesses.

Musk also stirred further controversy Wednesday with a poll asking his followers whether the budget for the Internal Revenue Service (IRS) should be cut, with the most popular response calling for its budget to be “deleted.” Musk affirmed that the Department of Government Efficiency would audit the IRS, signaling more potential targets for cuts in the federal government.

As the Trump administration prepares to take office, Musk’s comments suggest that significant regulatory changes could be on the horizon, with the CFPB’s future now uncertain.