Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.

Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups.

Elon Musk and Vivek Ramaswamy, whom Trump has tasked with slashing government costs, called for the CFPB to be deleted.

Earth’s richest person Elon Musk, President-Elect Donald Trump’s cost-cutting czar, identified a fresh federal government enemy: The Consumer Financial Protection Bureau, a relatively new agency created following the Great Recession.

Elon Musk, the tech billionaire and owner of X (formerly Twitter), has sparked controversy with his recent call to “delete” the CFPB.

Delete CFPB,” Elon Musk, the billionaire tech executive running the “Department of Government Efficiency,” said in an early-morning post on X.

Republicans and the banking industry have accused the CFPB of regulatory overreach because it doesn't follow the usual congressional budget process.

Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.

Meanwhile, the consumer finance watchdog is moving ahead with rulemaking in the final weeks of Biden's administration.