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VisitElon Musk Calls for Elimination of CFPB After New Rule on Digital Payments Under Trump
Nov 27, 2024, 03:30 PM
Billionaire Elon Musk has called for the elimination of the Consumer Financial Protection Bureau (CFPB), emphasizing a renewed threat to the agency under President-elect Donald Trump. This call comes shortly after the CFPB finalized a rule aimed at increasing oversight of nonbank digital payments to combat fraud. Musk's influence in shaping tech policy is becoming evident, particularly following his participation in a call between Trump and Google CEO Sundar Pichai, which reportedly surprised Pichai. The CFPB has historically been a target for Republicans and business advocacy groups, and Musk's statements signal potential changes in regulatory approaches as the Trump administration prepares to take office.
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Markets
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Official announcements from the Trump administration or credible news outlets confirming Musk's advisory role.
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Official CFPB announcements or credible news sources confirming the amendment or repeal of the rule.
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Official announcements from the U.S. government or credible news sources confirming the elimination of the CFPB.
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Official U.S. government announcements or credible news sources reporting on the status of the CFPB.