Summary
Elon Musk called to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.
Critics, including Public Citizen, argue Musk’s stance is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services—a business Musk appears poised to enter.
“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.
The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.
It’s not good news for intelligent capitalists either. The current systems are in place because real capitalists, starting with Adam Smith in 1776, know that regulations are critical for the success of capitalism.
People who champion deregulation are always looking to destroy the free market for their personal profit.
Unfortunate that intelligence doesn’t seem to be a requirement for having success under capitalism.