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President Trump has given yet more power to Elon Musk, who is now leading the effort to dismantle the Consumer Financial Protection Bureau. Created in response to the 2008 financial crisis, the CFPB helps enforce consumer financial laws for mortgages, credit cards and other financial products. We speak to Julie Margetta Morgan, who recently served as associate director for research, monitoring and regulation at the CFPB, who says the consumer watchdog has helped recover $21 billion lost to financial fraud and abuse in its decade-plus of existence. She says that Musk, the world's richest man and a promoter of cryptocurrency, is attempting to eliminate sources of regulatory oversight as he plans to turn the social media company X, which he owns, into a payments platform.
How Elon Musk profits from dismantling the CFPB