The Senate recently voted to diminish the Consumer Financial Protection Bureau's (CFPB) authority to oversee digital platforms like X, aligning with Republican claims of CFPB overreach. This decision undermines a rule from last year enabling the CFPB to monitor digital payment systems. Additionally, Senate Democrats Warren and Schiff are urging the Office of Government Ethics to investigate Elon Musk's potential conflicts of interest regarding his financial interests tied to X and his work with the controversial Department of Government Efficiency (DOGE).
The resolution, which still requires House approval, would effectively moot a rule finalized by the Consumer Financial Protection Bureau (CFPB) last year...
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.
The White House has previously offered vague assurances that Musk would not work on matters that present a conflict of interest.
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