**Elon Musk Joins Trump's Team in Eyeing the Consumer Financial Protection Bureau**

Elon Musk, known as Earth's wealthiest individual, has recently taken aim at a new target within the federal government: the Consumer Financial Protection Bureau (CFPB). Musk supports the Trump administration's pursuit of reducing regulatory bodies, including the relatively new CFPB, established during the financial restructuring following the Great Recession.

The CFPB, formed in 2011 under the Dodd-Frank Act, serves as a watchdog for companies offering financial products to American consumers. Over its tenure, the agency has managed to secure approximately $20 billion in consumer relief funds. However, Project 2025—an agenda crafted by the conservative think tank Heritage Foundation and authored by members of the incoming Trump administration—specifically calls for the abolition of the CFPB. The document describes the agency as "highly politicized, damaging, and utterly unaccountable."

With a budget of roughly $760 million for the 2024 fiscal year ending in September, the CFPB has become a focal point for those advocating for a reduction in government oversight. Both Trump and Congressional Republicans are reportedly aiming to curb the CFPB's authority under a unified government, as part of a broader effort to roll back various regulations. This initiative extends to other regulatory agencies such as the Federal Trade Commission and the Securities and Exchange Commission.

The CFPB was initially the idea of Sen. Elizabeth Warren, D-Mass., who proposed a "​​Financial Product Safety Commission" back in 2007. Senator Warren remains a significant figure in the Democrat-led government's supervision of financial services and technology. In response to the criticisms, Warren confidently told the Washington Post that the agency's foundation is secure, stating, "The CFPB is here to stay... the laws supporting the CFPB are strong."

Musk's plan to significantly reduce government agencies aligns with these deregulatory initiatives, and he has set ambitious goals. He aims to slash more than 75% of the federal government's over 400 agencies, focusing heavily on regulatory bodies like the CFPB. With an estimated net worth of $322.1 billion, Musk's influence in this mission is substantial.