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 richest man on earth wants to eliminate the Consumer Financial Protection Bureau. “Delete CFPB. There are too many duplicative regulatory agencies,” Elon Musk wrote on X in response to an error-ridden clip of Trump megadonor Marc Andressen talking about how much he hates pro-consumer regulation on the Joe Rogan Show.

Elon Musk has revealed what he discussed with Barron Trump while celebrating Thanksgiving with the president-elect's family and dancing to the YMCA at Mar-a-Lago. Trump was joined by various family members,