PANews reported on November 27 that billionaire Elon Musk called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting the new threat that the Trump administration will face to this regulatory agency that has long been attacked by Republicans and business advocacy groups. Musk said on the social platform on Wednesday, "Delete the CFPB, there are too many duplicate regulatory agencies." Musk's comments are eye-catching because he will lead the Trump administration's "Government Efficiency Department," which aims to cut federal bureaucracy and reduce government spending. After the 2008 financial crisis, the CFPB was responsible for overseeing part of the financial industry that interacts with consumers. The agency has faced multiple legal challenges since its inception.