President-elect Donald Trump listens to Elon Musk at the launch of the sixth test flight of the SpaceX Starship rocket Tuesday, Nov. 19, 2024 in Boca Chica, Texas. WASHINGTON -- Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.
The comment on the Consumer Financial Protection Bureau follows Musk’s recent appointment to a government efficiency role, further amplifying the influence of the world’s richest man, who donated millions of dollars to helping Trump get elected.
Republicans have sought to curtail or eliminate the agency from the outset, but legislative efforts to either scrap it altogether, or place stricter limits on its funding and leadership structure, have failed to gain traction in the years since its creation.