Sens. Elizabeth Warren (D-MA) and Adam Schiff (D-CA) are demanding the removal of members of the Department of Government Efficiency (DOGE) from the Consumer Financial Protection Bureau (CFPB) while claiming without evidence that Elon Musk plans on “enriching himself and supercharging his new digital payment platform, at the expense of American taxpayers, through DOGE’s illegal efforts to dismantle the CFPB.”
In a letter to CFPB Acting Director Russ Vought and Treasury Secretary Scott Bessent, the senators noted the recently announced partnership between Musk’s social media platform X and Visa Inc. (NYSE: V) to process peer-to-peer (P2P) payments and launch a digital wallet – which they asserted creates a conflict interest between Musk and DOGE’s activities.
“Notably, the CFPB has taken steps in recent years to protect consumers from fraud on digital payment apps,” the senators continued. “As part of its efforts to protect consumers’ money, the CFPB recently issued a final rule allowing it to supervise and examine large digital wallet providers. In other words: through his efforts at DOGE to target the CFPB, Mr. Musk is actively undermining an agency directly responsible for supervising—and if necessary, disciplining—his company’s new P2P system.”
Warren and Schiff added that Musk was “also potentially gaining access to confidential corporate data that could provide X with an unfair advantage over its competitors” in the digital wallet sector, asserting that due to his “incursion into the CFPB, Mr. Musk and DOGE employees now have access to a trove of proprietary corporate information that he would not have been able to obtain otherwise.”
The senators also stated another company run by Musk, the electric vehicle maker Tesla (NASDAQ: TSLA), creates another conflict of interest because “CFPB plays a critical role in supervising the auto lending industry and protecting consumers from corporate malfeasance and scams.” Therefore, actions by Mr. Musk and DOGE at the CFPB also have the potential to directly benefit Tesla—and by extension, Mr. Musk.”
Musk did not immediately comment on the senators’ assertions and demands.
Photo: Thomas Hawk / Flickr Creative Commons
GOD BLESS OUR LEADERS LIKE WARREN & SCHIFF ( BERNIE, AOC, & A FEW OTHERS) WHO LEAD WITH COURAGE, AND THE ACTUAL INTERESTS OF THEIR CONSTITUENTS – AND THE COUNTRY!
And you actually believe Warren and Schiff are actually doing things that are in the best interests of the country? and AOC and the Squad who claimed their support for HAMAS and Iran ? WOW
You are drunk on the Liberal cool aid
Musk can not prove that he isn’t doing this for personal enrichment, if he could he would and it would. He hasn’t proven waste or fraud.
Can you prove he IS doing this for personal enrichment?
If you could you would.
Hit the nail on the head Bob:-)
trump and musk are the enemies of the people; they are both dreadful human beings pretending to know much more than they do.
Senator Warren was running interference for the CFPB before they fully opened for business in 2011. As former Congressman Jason Chaffetz further wrote in his book, “The Deep State”, “This Obama-era agency checks every box on the Deep State’s wish list: unlimited, unaccountable, and unchecked. The funding is nonrecindable, the leadership supposedly untouchable, the decisions unquestionable. and the operation impervious to the political winds.” “The funding comes directly from the Fed, whose funding comes from interest on the $4.5 trillion in bonds it owns. Where does the Fed get the money to buy all those bonds? Thin air.” As usual the Democrat Senators try to blame DOGE with having designs of which they are the most guilty.
Well said John W, thank you!
democrats are having a hard time accepting a free and fair election.
The people voted and we had a clear unquestioned result, give democracy a chance.
And not only did we vote for this, they ARE finding billions and believe even trillions of dollars of OUR tax money being wasted and money laundered🤬
The deep state must be dismantled, the overspending halted immediately or we will definitely be in a financial tailspin. Our current interest on our debt is unsustainable!
Doge hasn’t proved it?
Is your head in the sand?
https://doge.gov/
It’s crazy the ignorance of some people. Bring back the insane asylums