Senators seek ethics probe into Elon Musk's actions affecting CFPB

U.S. Senators Elizabeth Warren and Adam Schiff have addressed a letter to Acting Director of the Office of Government Ethics, Doug Collins, seeking clarification on potential conflicts of interest involving Elon Musk. The inquiry comes as Musk attempts to dismantle the Consumer Financial Protection Bureau (CFPB).

The senators' concerns follow a Senate vote that reportedly provides Musk with a "Get Out of Jail Free Card" by removing the CFPB's authority to prevent fraud at X Money, a digital payment platform associated with Musk. This decision affects other platforms like Venmo and CashApp, which are widely used by Americans.

The CFPB has historically returned over $21 billion to consumers who were victims of financial scams. Warren and Schiff argue that efforts to undermine the agency could harm individuals currently under its protection for issues such as illegal foreclosures and car repossessions.

Highlighting Musk's conflicts of interest, the senators noted his roles in DOGE and ownership of X, a social media company considering expansion into digital payments. X recently partnered with Visa for peer-to-peer payments and digital wallet services. Additionally, Musk is CEO of Tesla, which offers financing options monitored by the CFPB.

Warren and Schiff warned that if Musk has acted in ways benefiting his financial interests without proper waivers or approvals, he might have breached federal conflict-of-interest laws.

The senators have posed specific questions regarding Musk's involvement in CFPB decisions and adherence to ethics regulations. They anticipate a prompt response from the Office of Government Ethics.