[1]Justice Democrats





John,

The Consumer Financial Protection Bureau (CFPB) is a federal agency
designed to act as a financial watchdog for consumers and hold
corporations accountable.

Over the past 14 years of its existence, the agency has returned more than
$17 BILLION back to consumers from predatory institutions, big banks, and
other bad actors who ripped them off.

Of course, Elon Musk, Big Tech, and the Crypto Lobby want to stop that.

Last week, Musk tweeted, “CFPB RIP 🪦” and sent his DOGE goons into the
agency, accessing its systems, shutting down its Twitter account, and
sending its staff home. This happened just days before Musk revealed plans
to launch a new payment system on X/Twitter that the CFPB would have
regulated.

[ [link removed] ]A headline from The Washington Post reading 'The CFPB took aim at Big
Tech. Then Elon Musk moved to dismantle it. Days before Musk's DOGE effort
set its sights on the Consumer Financial Protection Bureau, X revealed new
plans to launh a payments system the agency might have scrutinized.'

It’s not just Musk who wants to kill the CFPB. Coinbase CEO and Fairshake
(a Crypto Super PAC) megadonor Brian Armstrong is wrongly claiming the
agency is unconstitutional, even though the Supreme Court said otherwise.

[ [link removed] ]A screenshot of a post on X from Justice Democrats. It's reposting a
post from Brian Armstrong reading '100% the right call. The CFPB is
unconstitutional on the face of it. And even if it wasn’t, it should be
deleted as we already have DOJ to prosecute fraud, and (many) other
financial services regulators. It’s an activist organization that has
done...'. The post has a community note attached reading ' Readers added
context: The Supreme Court, ruled (7-2 decision) that the CFPB's funding
mechanism does not violate the Constitution. Justice Thomas wrote the
majority opinion, stating that the CFPB's funding fits w/in the framework
of congressional appropriations.' Justice Democrats posted 'Brian is the
CEO of Coinbase, which bankrolled Crypto Super PAC Fairshake with ~$150
million to spend on elections last cycle. Their reward? Ending the agency
that's supposed to protect consumers from Wall Street grifters like them
so they can keep making $ to buy politicians.

It’s completely obvious: billionaires like Musk, Big Tech, and the Crypto
Lobby want to dismantle the agency responsible for regulating them and
protecting consumers from them.

They dumped billions of dollars into last year’s elections to gain the
power necessary to gut it — but Justice Democrats like Reps. Ilhan Omar,
AOC, and Summer Lee are fighting back.

[ [link removed] ]We need to elect more progressives from working-class backgrounds who
will firmly reject contributions from Crypto and other Super PACs while
fighting to protect consumers: pitch in $5 to help us
recruit them this year →



[ [link removed] ]Contribute $5



In solidarity,

Justice Democrats




 




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