Dear Ann,
With this tweet and no say from Congress (just like he and Trump did with USAID two weekends ago), Elon Musk took over the Consumer Financial Protection Bureau last weekend, using "government efficiency" as cover to eliminate the watchdog agency.
The CFPB is one of the most efficient government agencies we have. That's why Trump, Musk, and their billionaire Wall Street friends want to kill it.
Formed after the 2008 financial crisis, the bureau exists to protect YOUR money from scammers. It also keeps predatory financial practices in check: cracking down on junk fees for credit cards, bank accounts, and more. Before last weekend, the CFPB was finalizing a rule to remove medical debt from credit card reports. Now, everything the CFPB does is on hold thanks to Musk (and Donald Trump).
Why do billionaires hate the CFPB? Check out this week's video to find out, then share it with your non-billionaire friends.
Just how efficient is the CFPB?
Since 2011, the agency has returned over $20 billion dollars to victims of financial fraud. For every $1 dollar in funding for the CFPB, more than $4 dollars have been placed back in consumers' pockets.
It's a shining example of efficient government working for the people.
So why do Trump and his billionaire bankrollers want to "delete" the agency? Fewer watch dogs means more opportunities for you to get scammed — leading to more money for them. It's no coincidence that Trump's media corporation just announced plans to sell financial products. And just two weeks ago, Musk struck a deal with Visa to launch a payment app on X. Sabotaging the CFPB would shield both from having to follow consumer protection laws.
Watch and see who Trump and Musk really serve (hint: it's definitely not you.)
Thank you for being a critical part of our team!
Robert Reich
Inequality Media
