'DELETE': Elon Musk places two federal agencies in his crosshairs

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time for the hot topic of the hour Tesla CEO and co-head of the new Department of government efficiency Elon Musk is calling for the elimination of the Consumer Financial Protection Bureau writing on next quote delete cfpb there are too many duplicative regulatory agencies the cfpb was created as part of the 2010 Dodd Frank act after the financial crisis by massachusett Senator Elizabeth Warren to oversee parts of the financial industry that interact with consumers some say the agency is highly politicized damaging and unaccountable during Trump’s first term he took steps to neutralize this agency easing its enforcement of the banks M musk also is asking users on X if the IRS should be quote deleted after the agency said its enforcement fund is 20 billion short after budget cuts Biden’s Deputy treasury secretary urging Congress to quote pay up you can see in that poll over 60% of EX users said they think the agency’s budget should be deleted John lsky your reaction to that let’s start with the IRS okay the IRS could be run more efficiently without any question maybe their technology is dated they could update in that sense and help save money and better serve the American people I don’t know about completely eliminating the IRS what’s going to take its place my goodness what are you going to have private Tax Collectors like they did back in biblical times I I think well I think he’s I mean I think what he’s talking about is eliminating Elizabeth Warren we’re talking about the cpf so I mean that’s that’s okay Elizabeth Warren she came to fame she became you know Miss TV darling so she thinks uh after the financial crisis remember this okay I remember this and but that’s all she’s been able to hang her hat on that was the financial crisis was 20072 2008 we have moved on I don’t think that she has and I would argue that there’s enough regulation on the books with the banking industry that you actually could eliminate that agency best thing in my 20e in government I’ve seen this many many times and this is a very healthy discussion to have right now and what it does is it says to the existing agency so how you going to Justify Your Existence sing for your suffer and then but then it also begs the other question if you eliminated it would you need to replace it and that’s really the zero some game that you have to take a look at what are we going to do if we don’t have this functionality but to your point Cheryl this is an agency that has all of its opport all of the regulatory responsibilities handled by other agencies it not like if this goes away suddenly the US consumer is going to walk into a bank and say pay us 20% interest no that that’s not going to happen I think Mike is making a great Point what he’s speaking about is redundancy in the federal government when we have redundancy in the private sector in corporations what happens certain departments jobs get eliminated and maybe there is room for a lot of uh cutting as far as agencies are concerned and individuals well well I mean look I got I I got to go back to this Elizabeth Warren thing because her entire political Mantra has been greedy corporate she’s gone after the banking sector for nearly 20 years now and I think that musk makes a great point that maybe time is up for her uh now the committee for a responsible federal budget is trying to help Doge make Cuts they say the federal deficit could be slashed by 1.4 trillion over the next decade by reversing some of President Biden’s executive actions now their report notes unlike most reduction measures reversing costly executive actions would not require congressional action true and could be done through the rulemaking process the crfb says up to 550 billion can be saved by eliminating Biden’s plans to forgive student loan debt including the save income driven repayment program which could save up to 275 billion alone 385 billion could be saved by targeting Biden’s healthc care executive actions 180 billion by reversing changes to the snap food stamp program 150 billion from gutting vehicle carbon emission rules that’s a long list John lonsky that is a long list and unfortunately you’re probably going to get some opposition because there are people that are benefiting from these regulations okay they’re benefiting from this spending they don’t want to give it up as in private businesses an industry the auto you know the Auto industry has perhaps spent something like $120 billion on investments in being able to produce EVs and the batteries that go into electric Vehicles they’re not going to want to write off $120 billion all that quickly so the EV mandates though no one’s no one has bought electric cars the consumers rejected it the EV mandates are just nothing but I think just government handouts to to to and you know who’s not benefiting from that Elon Musk of all people yeah he’s going ahead and he’s pushing for the elimination of these subsidies the buyers of electric vehicles uh yeah so this I mean you can’t say that he’s doing this for his own benefit that’s important to note he’s trying to help the United States out and maybe with his genius he could go ahead and pull something off where we do get this $1.4 trillion reduction in in in the deficit over I mean two trillion I mean that’s what when when beer and M Swami and El mus were sort of talking about this it was two trillion now the mainstream media is scoffing at them so what shouldn’t be lost is their approach so notice how they’re going after executive orders as opposed to we’re going to try to get the Congress to reject what they’ve done beforehand so because they can go if you go after Congress and you try to say pass a law that takes out these types these existing laws very very hard to do whereas if you go in the executive orders Donald Trump comes in and says I can do this unilaterally obviously he’ll need support from the Congress fisal responsibility in Washington can’t say it enough guys fiscal responsibility let’s go Experience Free Speech

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