Musk calls for the abolition of the U.S. Consumer Financial Protection Bureau

ChainCatcher news, according to Jinshi reports, billionaire Elon Musk has called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting that this long-targeted regulatory agency by the Republican Party and business advocacy groups will face new threats under the Trump administration. Musk stated on social media on Wednesday, "Abolish the CFPB, there are too many overlapping regulatory agencies."

Musk's comments are noteworthy as he will be working with the "Department of Efficiency" led by the Trump administration, which aims to cut federal bureaucracy and reduce government spending. After the outbreak of the 2008 financial crisis, the CFPB was tasked with overseeing certain responsibilities of the financial industry that interact with consumers. The agency has faced multiple legal challenges since its establishment.