Senate votes to strip the CFPB of its power to regulate X
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Summary
Following a vote in the Senate, a resolution has been put forward that looks to strip the Consumer Financial Protection Bureau (CFPB) of its power to monitor digital payment services.
Should this resolution be passed, it would effectively null a 2020 CFPB ruling designed to expand the agency’s monitoring powers to include digital payment offerings.
Two Democrats, Senators Warren and Schiff, have written to the Office of Government Ethics (OGE), calling for an investigation into whether or not Elon Musk has broken federal ethics laws.
The resolution is likely to affect oversight of Musk’s own business, X, a digital payments platform.
Musk, who is also CEO of Tesla and the face of DOGE, the agency driving cuts at the CFPB, would appear to benefit personally from the regulatory rollback.