Press Releases

Congressional GOP and Trump Enable Musk Attack on Consumer Financial Protection Bureau

Now that Elon Musk has Americans’ most sensitive data, he and his DOGE cronies want to make stealing from ordinary Americans more efficient for bad actors. Look at his conflicts of interests to understand why. He’s working with Visa to create a payment system used on X, which could come into direct conflict with a Consumer Financial Protection Bureau (CFPB) rule. Meanwhile, Congressional Republicans and Trump are allowing it to happen.   

“Democrats created the CFPB after the 2008 recession, and it continues to be an effective watchdog that fights for you. From going after junk and overdraft fees to removing medical debt from one’s credit history, the CFPB has been on the side of consumers, protecting them from deceptive and predatory practices. Since its formation, this watchdog has returned more than $20 billion back to consumers who have been defrauded or scammed by Wall Street, car dealers, and payday lenders, among other predatory financial firms.

Since this agency’s creation, Republicans have been working to weaken the CFPB to help their donors keep grifting Americans. Now, Acting CFPB Director Vought has ordered employees to stay home and stop their work while Musk’s DOGE team hack internal computer systems. President Trump and Congressional Republicans are letting Elon Musk destroy CFPB in part so Musk can enrich himself with his new digital payment platform. Make no mistake, any effort to undermine the CFPB will leave Americans more vulnerable to financial scams and fraud. Democrats will continue pushing back against these illegal efforts to hollow out CFPB and empower scammers and fraudsters.”

Congresswoman Moore is a former member of the House Financial Services Committee and served on the Committee when CFPB was created.