Most Americans have not heard much about the Consumer Financial Protection Bureau, but make no mistake: They benefit daily from the existence of this federal agency. It was founded during Barack Obama's presidency, and it's been quietly blocking banks and other financial institutions from engaging in the shady and often fraudulent practices that led to the 2008 financial crash. The CFPB has restored $21 billion to consumers exploited by banks, lenders and payment apps. It's dry and boring work, but it has protected our economy and kept money in the pockets of ordinary working people.
So of course Elon Musk and Donald Trump hate it. And it's not just them, either. The Project 2025 ghouls, tech billionaires and the more depraved offices on Wall Street all vibrate with rage at the CFPB, which is an obstacle for rich people who want to steal money from everyday Americans. Musk and his Project 2025 henchman, namely Russ Vought of the Office of Management and Budget (OMB), are launching a plan to illegally shutter the federal agency. Only Congress has the authority to do that, so Vought has declared this is a "post-constitutional" era in which Republicans are no longer bound by law. Still, even in the fascism-friendly circles of the MAGA base, taking away an agency whose main job is to keep banks from stealing from you is a hard sell.
