1. United States
2. Ariz.
3. Letter

The recent vote to strip the Consumer Financial Protection Bureau (CFPB) of its authority to prevent fraud on digital payment platforms like X Money, Venmo, and CashApp is a blatant attempt to undermine consumer protection. This move prioritizes the business interests of Elon Musk and big corporations over the well-being of ordinary Americans. The CFPB has a proven track record of holding predatory lenders and financial institutions accountable, returning over $21 billion to millions of consumers who were scammed or mistreated. By curtailing the agency's oversight, this action leaves consumers vulnerable to fraudulent practices, illegal foreclosures, unfair auto lending practices, and other forms of corporate exploitation. Furthermore, Elon Musk's involvement in these efforts raises serious concerns about conflicts of interest. As the head of DOGE, the primary owner of X (formerly Twitter), a potential digital payments provider through a partnership with Visa, and the CEO of Tesla, an auto finance company, Mr. Musk stands to directly benefit from crippling the CFPB's authority. This is an unacceptable conflict of interest that prioritizes personal gain over the public good. We urge you to reconsider this misguided decision and restore the CFPB's full authority to protect consumers from financial predators. The agency's role is crucial in safeguarding the interests of the people, and any attempts to undermine its power serve only the greedy ambitions of wealthy individuals and corporations at the expense of hardworking Americans.