Billionaire Elon Musk, tasked with slashing government costs by President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.
The comment on the Consumer Financial Protection Bureau (CFPB) followsMusk’srecent appointmentto a government efficiency role, further amplifying the influence of the world’s richest man, who donated millions of dollars to help Trump get elected.
“Delete CFPB. There are too many duplicative regulatory agencies,” Musk said in a post on social media platform X.
The CFPB did not immediately respond to a request for comment.
Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead a newly created Department of Government Efficiency, an entity Trump indicated will operate outside the confines of government.
The CFPB was created as part of the 2010 Dodd-Frank financial reform law to police and regulate consumer financial products following the 2008 crisis and only Congress has the power to eliminate it.
Separately, Reuters reported on Wednesday, citing sources, that the consumer finance watchdog is moving ahead with rulemaking in the final weeks of Joe Biden’s Democratic administration, in a bid to advance consumer protections before Trump overhauls the agency.
Republicans have sought to curtail or eliminate the agency from the outset, but legislative efforts to either scrap it altogether, or place stricter limits on its funding and leadership structure, have failed to gain traction in the years since its creation.
Banking industry executives and lawyers also anticipate the incoming Trump administration will likely place significant limits on the CFPB.
Three people have died following a helicopter crash during a flying lesson on the Isle of Wight.
A fourth person is in hospital in a serious condition following the incident, according to Hampshire Police.
Officers were called to the scene of a “helicopter that had come down” off Shanklin Road near Ventnor at 9.24am on Monday, the force said.
A spokesman for the aircraft’s owner Northumbria Helicopters said G-OCLV – which is listed as a Robinson R44 II helicopter – was involved in the accident during a flying lesson.
Image: Fire and rescue vehicles at the scene near Ventnor. Pic: Stu Southwell
Four people, including the pilot, were on board the aircraft, which departed nearby Sandown Airport at 9am, the company also said in a statement.
A critical care team, including a doctor and specialist paramedic, was also sent to the crash site, Hants and Isle of Wight Air Ambulance added, alongside fire engines and other emergency vehicles.
The Air Accidents Investigation Branch confirmed it was alerted to the incident and is sending a team to investigate. A major incident was declared but has since been stood down.
A spokesperson for Hampshire and Isle of Wight Air Ambulance said in a statement: “We have treated and airlifted one patient to the Major Trauma Centre, University Hospital Southampton. Our thoughts are with them, and everyone involved in today’s incident.”
Darren Toogood, editor and publisher at the Island Echo, told Sky News presenter Kamali Melbourne the helicopter crashed on a “significantly busy, high-speed road” between the village of Godshill and the seaside town of Shanklin.
“It was on one of the first flights of the day,” he said.
“It’s a bank holiday weekend in August on the Isle of Wight. It’s an incredibly busy area. Lots of tourists down at the moment. It appears no vehicles were involved, which is incredible, given how busy this road would have been this morning.”
A witness, Leigh Goldsmith, told the Isle of Wight County Press she saw the helicopter “spiralling” before crashing into a hedge as she drove along the road.
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