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Elon Musk wants to ‘delete’ the CFPB. What that means for consumers.
Elon Musk is heading to Capitol Hill on Thursday to speak with lawmakers about the new Department of Government Efficiency (DOGE) being proposed by President-elect Donald Trump. One item on his chopping block is the Consumer Financial Protection Bureau (CFPB). Sheila Bair, former Chair of the FDIC (Federal Deposit Insurance Corporation) and former Assistant Secretary of the US Treasury for Financial Institutions, sits down with Market Domination’s Julie Hyman and Josh Lipton to discuss the potential repercussions if Musk is given the authority to eliminate the CFPB. “It’s a head-scratcher. You know, that budget’s less than $700 million. That’s like 0.01% of our $6.75 trillion federal budget,” says Bair. “I think we’ve gotten very good bang for our buck when it comes to the CFPB. It was created to fill enormous regulatory gaps and consumer protections, which, frankly, were a key cause of the great financial crisis and the Great Recession that ensued since we’ve had the CFPB.” Bair goes on to talk about the inception of the CFPB and the benefits the agency has provided for consumers:”They’ve created protections and enforced protections that weren’t there before, about $20 billion they’ve recouped for consumers with various bad practices among certain industry lenders.” Watch the video above to hear Bair’s full take on Musk eliminating the CFPB. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written by Daniel A. Nelson