Musk says Obama should abolish U.S. Consumer Financial Protection Bureau

Tesla Inc TSLA CEO Elon Musk has said the U.S. Consumer Financial Protection Agency, established under former President Barack Obama, should be abolished.

Musk said on the 27th local time that there are too many overlapping regulators on X and that the Consumer Financial Protection Bureau should be eliminated.

Bloomberg reported that Musk highlighted that he could be subject to repeal in Trump's next administration by directly naming regulators that have been targeted by Republicans and business advocacy groups.

The U.S. Consumer Financial Protection Agency was established by the Obama administration in 2010 after the financial crisis and has integrated consumer protection functions scattered across financial supervisory organizations to protect consumers and regulate financial institutions in relation to credit cards, mortgage loans, and student loans.

Trump's function was reduced during his first term as president, but the Joe Biden administration strengthened its crackdown on financial institutions, leading to a series of protests from related companies.