Senate Democrats Accuse Musk of Undermining Consumer Financial Watchdog

Lawmakers raise concerns over potential conflicts of interest as Musk's X platform moves into digital payments.

Senators Elizabeth Warren and Adam Schiff have called for the removal of Elon Musk-affiliated staff from the Consumer Financial Protection Bureau (CFPB), citing ethical concerns.
The CFPB's operations have been effectively halted following directives from acting director Russell Vought and Treasury Secretary Scott Bessent, both linked to the Trump administration.
Musk's X platform, formerly Twitter, is preparing to launch a digital wallet and payment system with support from a Visa partnership, raising fears of regulatory favoritism.
Critics argue that Musk’s involvement in the CFPB compromises its ability to oversee digital payment platforms, potentially benefiting his businesses, including Tesla and X.
Legal and industry experts warn that access to confidential CFPB data and the suspension of oversight on nonbank financial firms could give Musk an unfair competitive advantage.