Top Democrats Fear Elon Musk Will ‘Enrich’ Himself In Newest Move
HuffPost
Sens. Elizabeth Warren and Adam Schiff are alarmed about the weakening of the Consumer Financial Protection Bureau as Musk pushes a new digital payment platform.
Two top Democrats raised concerns about an Elon Musk-led effective shuttering of a consumer financial watchdog as the world’s richest man launches his own payment system.
Sens. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, and Adam Schiff (D-Calif.) demanded that staffers at Musk’s “Department of Government Efficiency” be removed from the Consumer Financial Protection Bureau amid fears of the billionaire “enriching himself and supercharging his new digital payment platform.”
The senators are concerned that safeguards offered by the CFPB, set up to protect consumers in the wake of the 2008 financial crisis and subprime mortgage-lending scandal, will be weakened just as Musk rolls out a new digital wallet and payment platform.
In a letter to CFPB’s acting director, Russell Vought, and Treasury Secretary Scott Bessent, the lawmakers said Musk is “not only neutralizing the pro-consumer agency that will supervise X’s digital wallet — he is also potentially gaining access to confidential corporate data that could provide X with an unfair advantage over its competitors.”
“Americans deserve a CFPB that will continue to stand up against corporate greed — not an agency shut down by officials looking out for themselves,” they added.
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