I’ve done a bit of searching, but I haven’t been able to find the justification being used to shutter the CFPB. One would think that consumer protections are a good thing, and that holding companies responsible for their actions that harm consumers would be a good thing. And one that is universally liked and has returned billions to consumers.
The obvious reason is so that they can screw over consumers, but they have to have at least a cover story that they are using to spin this as something good for the country and constituents, right?
I’m struggling here.
Musk is trying to start another financial institution under the X brand to handle everyone’s money. The CFPB is the one agency that’s likely to prevent it from screwing over anyone dealing with it.
As has been said before, the only reason to shut down the bureau responsible for preventing scams is if you want to scam people yourself.