In response to the shutdown of the Consumer Financial Protection Bureau (CFPB), Senator Elizabeth Warren accused Elon Musk and Donald Trump of undermining consumer protections in the US.
D.O.G.E.'s Control Over CFPB
Last week, the Department of Government Efficiency (D.O.G.E.), led by Elon Musk, took over CFPB operations. Musk confirmed this via a post on the X platform. D.O.G.E. staff now have full access to CFPB's data and systems.
Elon Musk's Financial Ambitions
The alignment of CFPB's data and systems acquisition coincides with Elon Musk's expanding presence in the financial sector. X's agreement with Visa now limits CFPB's oversight of Musk's payment services.
Project 2025 and Government Restructuring
D.O.G.E.'s actions are part of a broader Trump administration initiative to reform federal agencies under Project 2025, drafted by the Heritage Foundation.
The shutdown of the CFPB raises concerns about consumer rights and the effectiveness of oversight on financial institutions, posing new challenges for lawmakers.
