Tech billionaire Elon Musk has sparked debate after calling for the elimination of the Consumer Financial Protection Bureau (CFPB), an independent federal watchdog that protects Americans from financial exploitation.

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

Elon Musk and Vivek Ramaswamy, co-heads of the Department of Government Efficiency, have suggested they’ll make cuts in key government departments, including the Pentagon.

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.

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, who will have a role in the Trump administration overseeing government "efficiency," called for the CFPB to be "deleted."

Republicans and the banking industry have accused the CFPB of regulatory overreach because it doesn't follow the usual congressional budget process.

The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.

Billionaire Elon Musk suggested to abolish the Consumer Financial Protection Bureau, a financial watchdog, under the incoming Donald Trump's administration.

Elon Musk, the tech billionaire and owner of X (formerly Twitter), has sparked controversy with his recent call to “delete” the CFPB.