President Trump has given yet more power to Elon Musk, who is now leading the effort to dismantle the Consumer Financial Protection Bureau. Created in response to the 2008 financial crisis, the CFPB helps enforce consumer financial laws for mortgages, credit cards and other financial products. We speak to a former CFPB staffer, Julie Margetta Morgan, who says the consumer watchdog has helped recover $21 billion lost to financial fraud and abuse in its decade-plus of existence. She says that Musk, the world’s richest man and a promoter of cryptocurrency, is attempting to eliminate sources of regulatory oversight as he plans to turn the social media company X, which he owns, into a payments platform. “The thing that stands in his way is having strong regulators who will make him play by the same rules as every other bank. … The actions over the last few weeks have been incredibly bad for individual, everyday Americans, but incredibly good for Elon Musk’s pocketbook.”
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