In November 2024, President-elect Donald Trump appointed Elon Musk and biotech entrepreneur Vivek Ramaswamy to lead the newly established Department of Government Efficiency (DOGE), tasked with streamlining federal operations and reducing government expenditures. Shortly after his appointment, Musk publicly called for the elimination of the Consumer Financial Protection Bureau (CFPB), stating on X (formerly Twitter), "Delete CFPB. There are too many duplicative regulatory agencies."
The CFPB was created in 2010 under the Dodd-Frank Act, following the 2008 financial crisis, to oversee consumer financial products and protect consumers from unfair practices. Since its inception, the agency has been a. . .