Posted on 11/30/2024 7:26:12 PM PST by SeekAndFind
Elon Musk’s call to delete the Consumer Financial Protection Bureau (CFPB) has ignited a fierce debate over the future of financial regulation in America. Musk called for the elimination of the CFPB, describing it as an example of excessive regulatory duplication. Many consider the CFPB to be unconstitutional.
During a social media campaign, Elon Musk issued a clarion call to end the existence of the Consumer Financial Protection Bureau. Musk labeled the bureau as a redundancy, implying it crippled economic dynamics through its bureaucratic control. Critics and supporters have emerged from various corners as the proposal took the stage in ongoing regulatory reform debates.
Musk’s comments on his platform X resonate with business figures who question the bureau’s restrictive framework. Musk’s suggestion has been interpreted as more than an offhand remark, potentially aiming at reshaping financial regulation strategies.
I have no clue what @pmarca is referring to bc literally just a few months ago at a FedSoc event, CFPB director Chopra warned the audience of Wall Street debanking conservatives without explanation.
https://t.co/UTBOfJpXCX pic.twitter.com/M53ahzs7v7
— Jarod Facundo (@dorajfacundo) November 27, 2024
The CFPB has been a prime target within conservative political discussions, criticized for an opaque funding structure. Prominent figures such as Marc Andreeson have openly criticized the CFPB, framing it as a bureaucratic terror.
Complaints include actions the bureau took against financial misconduct, such as recovering substantial sums from LendUp Loans.
Opponents, however, argue the CFPB’s dismantling will leave a void in consumer protection. Musk’s critics claim his portrayal of the CFPB is incendiary, meant to provoke rather than propose a viable dismantling plan. Legal voices emphasize Congress’s role in both the CFPB’s creation and any potential termination.
Billionaire Elon Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under President-elect Donald Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups. https://t.co/rwQtQkPgmB
— Bloomberg (@business) November 27, 2024
The odds of abolishing the CFPB without congressional support remain slim. Legal experts point out that the Supreme Court upholding the CFPB’s funding structure presents significant hurdles for Musk’s initiative. Meanwhile, ongoing concerns like debanking have sparked debate, with stakeholders from assertive financial sectors averting the issue towards the political forefront.
This conversation opens a broader discourse on innovation, regulation, and their intersection with free market principles. As the debate stews, Musk’s vision signals a recalibration of regulatory mechanisms — a critical junction for the financial sector.
Bump
Mick mulvaney was supposed to collapse this bureau, but it survived.
Liz Warrens baby, the one where the obummer appointee said they would not quit when trump came in 2017.
When Bush created DHS right after 911, I about puked. WTF does he think the other half dozen national security agencies are supposed to be doing?! The jerk just reacted to 911. I hate politicians.
Save your WOW! There’s plenty more to come.
Agencies that were created in the late ‘60s and ‘70s in large part to quiet down protesting Leftists need to be the first to go.
It’s not 1974 anymore, which probably would come as a surprise to thousands of DC denizens.
How many employees and how much saved?
How many employees and how much saved?
Yes, please, pretty please do it now, Elon Musk-I’ll give real money to be able to watch-see the looks of horror on the employees’ faces and hear their shrieks of anguish as they hear the words “You’re Fired”, and I will be smiling for months...
After MrT5 died, my congressman tried to get that agency to get the bank to get me into the Obama home affordable program for the mortgage until the economy improved-but they screwed him and me-I lost everything and am still recovering financially-so this Latina has a very personal desire for venganza for the CFPB-they don’t help anyone-certainly not the widows of disabled vets. I want to see them curb stomped, trashed and bankrupted while I howl with glee...
I’m thinking that’s what’s all on the table for the next couple of months.
The legal services corporation
The department of education
Midnight basketball—yes it’s still there
US department of commerce
The Environmental “Protection” Agency started by executive order by Richard Nixon. If he established it through an executive order, it can be abolished by an executive order
Any and all federal agencies not specifically enumerated in the Constitution.
Remember this?
“He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.’
Guess where that is from.
Elon, Vivek, get busy
Oops-should read “ to get the bank to put me into the Obama home affordable program for a reduced mortgage payment until the economy improved-”...
If he can make that happen we could really be on to something.
RE: How many employees and how much saved?
See here:
https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau
Consumer Financial Protection Bureau
Agency overview
Jurisdiction United States
Headquarters Washington, D.C., U.S.38.898091°N 77.040591°W
Employees 1,591 (2021)
Annual budget US$596 million (FY 2021)
thi is senator fauxcahonttas’s favorite program.
If he can make that happen we could really be on to something.
Those leftist student protesters have grown up and populate the leadership of the agencies that spied on them. Now, however, they focus on the conservatives.
Have any of you read about the Corporate Transparency Act? By January 2025 anyone who has an LLC or a small business with fewer than 21 employees will have to register. Also trustees of a condominium or a HOA will have to register and give the government their contact information, license number, date of birth and a photo of their license or passport. The information will be shared internationally and with local, state and federal employees and possibly banks. Imagine having your photo and info floating around Mexico, Ukraine or Nigeria.
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