Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.

Earth’s richest person Elon Musk, President-Elect Donald Trump’s cost-cutting czar, identified a fresh federal government enemy: The Consumer Financial Protection Bureau, a relatively new agency created following the Great Recession.

Elon Musk on Wednesday called for the elimination of the Consumer Financial Protection Bureau, an agency that was founded in 2010 with a broad mandate to protect Americans from unfair and predatory financial practices.

The agency aims to protect consumers from unfair, deceptive or abusive financial practices by taking action against companies that break the law. In 2022, the CFPB ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” that led to misapplied loan payments, wrongfully foreclosed homes and more.

Elon Musk took to social media Wednesday to demand the shutdown of the Consumer Financial Protection Bureau (CFPB). Musk is

Billionaire Elon Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under President-elect Donald Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups.

Delete CFPB,” Elon Musk, the billionaire tech executive running the “Department of Government Efficiency,” said in an early-morning post on X.

Billionaire, automaker and space entrepreneur Elon Musk says he would like to "delete" the Consumer Financial Protection Bureau as part of his purported dr

Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.

Meanwhile, the consumer finance watchdog is moving ahead with rulemaking in the final weeks of Biden's administration.