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Why Elon Musk Wants to Axe a Key Financial Protector

Washington D.C., USAWednesday, December 25, 2024
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Election Day exit polls showed that voters were mainly concerned about the economy. They hoped a new government would help them cope with rising prices. But something surprising happened. Elon Musk, who is helping to lead a new Department of Government Efficiency, wants to shut down the Consumer Financial Protection Bureau (CFPB). This agency has given back billions to Americans who were scammed by financial companies. Since it was started, the CFPB has returned over $19 billion to people. It has done this under both Republican and Democratic presidents. For example, during Trump's first term, the CFPB got money back for consumers from Wells Fargo and Equifax. Recently, the CFPB sent checks to over 4 million people who were scammed by credit repair companies. The agency has helped people like retired Lt. Col. Susan Parisi, who was tricked into a high-interest loan she didn't agree to. So, why is this helpful agency being targeted? Because it has made powerful people like venture capitalist Marc Andreessen upset. Andreessen's companies have been punished by the CFPB for wrongdoing. The new government should listen to the majority of Americans who support the CFPB's work. It returns money to people who have been cheated by financial companies. The CFPB gets its funding from the Federal Reserve, making it hard for politicians to meddle with it. Both Republicans and Democrats should make sure the CFPB stays protected and keeps helping Americans.
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