Senator Elizabeth Warren convened a forum with United States Senators to discuss what she described as the "Trump-Musk Attack on American Consumers." The focus was on President Donald Trump and Elon Musk's efforts to dismantle the Consumer Financial Protection Bureau (CFPB), an agency credited with returning over $21 billion to families affected by financial scams.
Warren criticized these efforts, stating, "President Trump ran on lowering costs for families on ‘day one.’ But instead of trying to lower costs, he and his co-president Elon Musk are putting an end to the millions of dollars this little agency delivers for working people every day."
The CFPB has been instrumental in simplifying mortgage paperwork, operating a complaint hotline that assisted over 7 million people, and combating various financial frauds since its inception in 2011. However, recent actions have put its operations at risk. Warren claimed that two weeks ago, Musk tweeted “CFPB, RIP,” followed by actions from the Trump Administration and DOGE hackers that disrupted the agency's functions.
Despite these setbacks, Warren emphasized that the CFPB is not defunct. She asserted that attempts by the Trump Administration to shut down the bureau are illegal because only Congress has such authority. Legal advocates are currently challenging these actions in court.
Warren suggested ulterior motives behind Trump's and Musk's actions. She alleged that Musk aims to introduce a new feature called “X Money” on his social media platform but faces competition from existing apps overseen by the CFPB. By compromising the agency’s data through DOGE hackers, Musk could gain unfair advantages over competitors.
Musk did not attend the hearing despite being invited. Warren addressed him directly during her remarks: "No surprise: Musk is a no-show... We saved a seat for you and we all have plenty of questions."
The panel included Massachusetts Attorney General Andrea Campbell; Lorelei Salas, former Director of Supervision at CFPB; Marette Gillen, a mortgage originator; and Stacey McCall, an Army veteran who benefited from CFPB intervention.
A report released during the forum highlighted how consumer complaints have been neglected due to what Warren termed as an "illegal shutdown" of the CFPB under Trump's administration.
Warren concluded her remarks by urging public vigilance against efforts she believes undermine consumer protection: "We see what Trump and Musk are up to, and we are fighting to put a stop to it."