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Elon Musk, named by President-elect Donald Trump to co-lead the so-called Department of Government Efficiency, tweeted today that the Consumer Financial Protection Bureau should be eliminated. In response, Public Citizen co-president Robert Weissman issued the following statement:“Elon Musk should do his research . The CFPB has been a model of government efficiency, returning almost $20 billion to consumers cheated by bank and financial corporation wrongdoing.
“Musk has reportedly obtained money transmitter licenses for X in more than three dozen states and still appears determined to turn X into an “everything app” based around a payment service.“Such an operation would be subject to regulation by the CFPB – and in fact the CFPB has just finalized a rule to supervise large tech companies offering digital funds transfer and payment wallet apps.
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