Senate Votes to Limit CFPB's Regulatory Powers Amid Democratic Opposition
The Senate passes a vote to reduce the Consumer Financial Protection Bureau's authority, facing opposition from Democrats.
Matilda
Senate Votes to Limit CFPB's Regulatory Powers Amid Democratic Opposition
The Senate voted on Wednesday to strip a key financial regulator of its ability to monitor digital platforms like X, as the social media company’s owner, Elon Musk, has become the public face of the government office seeking to shrink the agency’s workforce. Image : Google The resolution, which still requires House approval, would effectively moot a rule finalized by the Consumer Financial Protection Bureau (CFPB) last year establishing its authority to monitor digital payment offerings, just as it already supervises traditional financial institutions and products. Republicans who introduced the resolution say it’s a necessary correction to the CFPB’s overreach and will ensure the agency doesn’t stand in the way of innovation. With the CFPB’s digital authority now in danger, two Democrats are calling on the Office of Government Ethics (OGE) to probe Musk’s compliance with federal ethics laws, given his financial interests and work with the Department of Government Efficiency (DOGE). In a…
