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Coming after the CFPB

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The current de facto policy director of the president-elect, like most plutocrats, wants the Consumer Financial Protection Bureau to be abolished:

Elon Musk called Wednesday for the elimination of the Consumer Financial Protection Bureau, one of the nation’s most powerful watchdog agencies, signaling it could be scrapped as part of a planned review of government spending ordered by President-elect Donald Trump.

“Delete CFPB,” Musk said in an early-morning post on X, the social media site he owns, categorizing the bureau as an example of “too many duplicative regulatory agencies” in Washington.

Formed in the wake of the 2008 banking crisis, the CFPB has a broad mandate to protect Americans from unfair, deceptive or predatory financial practices. Its current director — Rohit Chopra, a Democrat — has recently issued rules meant to shield people from medical debt, make it easier for them to switch banks and limit the fees they face from falling behind on their credit card bills.

Since its founding, the CFPB has secured more than $19 billion in consumer relief, while penalizing large financial institutions and technology firms for allegedly mishandling Americans’ money. Its oversight often has stoked the ire of the nation’s biggest banks, credit card companies and other lenders, which have sued the bureau repeatedly over charges of regulatory overreach.

I swear to Christ that Caitlin Flanagan just barfed out something for the Atlantic about how the Democrat Party lost because it’s the party of billionaires now. I envy her for apparently having been in a coma for the last 5 years.

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