Billionaire entrepreneur Elon Musk has suggested abolishing the Consumer Financial Protection Bureau (CFPB), an independent financial watchdog, as part of broader efforts to reduce government expenditure under the incoming Donald Trump administration.

The agency aims to protect consumers from unfair, deceptive or abusive financial practices by taking action against companies that break the law. In 2022, the CFPB ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” that led to misapplied loan payments, wrongfully foreclosed homes and more.

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 rich

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.

Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a