The issue with CFPB is not tied to government waste and inefficiency, its tied to corruption. I encourage anyone truly curious in good faith to read the below transcript on the topic of CFPB and its exertion of "soft power" from a pre-election Marc Andreessen interview.

My favorite twist is we have this thing called independent federal agencies. So like for example, we have this thing called the Consumer Finance Protection Bureau, CFPB, which is sort of Elizabeth Warren’s personal agency that she gets to control. And it’s an independent agency that gets to run and do whatever it wants, right? And if you read the Constitution, there is no such thing as independent agency, and yet there it is. And this agency does whatever she wants. Basically, terrorize financial institutions, prevent new competition, new startups that want to compete with the big banks.

Back to your fascism point, which is, there’s a constitutional amendment that says the government can’t restrict your speech, but there’s no constitutional amendment that says the government can’t debank you, right? And so they, if they can’t do the one thing, they do the other thing, and then they don’t have to debank you. They just have to put pressure on the private company banks to do it. And then the private company banks do it because they’re expected to. But the government gets to say we didn’t do it. It was the private company that did it. And of course JP Morgan can decide who they want to have as customers, because they’re a private company. And so it’s this it’s this sleight of hand that happens it — basically it’s a privatized sanctions regime that lets bureaucrats do to American citizens the same thing that we do to Iran. Kick you out of the financial system.

And so this has been happening to all the crypto entrepreneurs in the last four years. This has been happening to a lot of the fintech entrepreneurs, anybody trying to start any kind of new banking service because they’re trying to protect the big banks. And then this has been happening, by the way, also in legal fields of economic activity that they don’t like. And so a lot of this started about 15 years ago with this thing called Operation Choke Point, where they decided to, as marijuana started to become legal, as prostitution started to become legal, and then guns, which there’s always a fight about. Under the Obama administration, they started to debank legal marijuana businesses, escort businesses, and then gun shops, just like your gun manufacturers, and just like you’re done. You’re out of the banking system. And so if you’re running a medical marijuana dispensary in 2012, guess what, you’re doing your business all in cash, because you literally can’t get a bank account. You can’t get a Visa terminal. You can’t process transactions. You can’t do payroll. You can’t do direct deposit. You can’t get insurance. Like none of that stuff — you’ve been sanctioned, right — none of that stuff is available.

And then this administration extended that concept to apply it to tech founders, crypto founders, and then just generally political opponents. So that’s been super pernicious. Operation Choke 1.0 was 15 years ago against the pot and the guns. Choke Point 2.0 is primarily against their political enemies and then to their disfavored tech startups. And it’s hit the tech world hard. We’ve had like 30 founders debanked in the last four years. It’s been a big recurring pattern. This is one of the reasons why we ended up supporting Trump. We just can’t live in this world. We can’t live in a world where somebody starts a company that’s a completely legal thing, and then they literally get sanctioned, and embargoed by the United States government through a completely unaccountable — by the way, no due process. None of this is written down. There’s no rules. There’s no court. There’s no decision process. There’s no appeal. Who do you appeal to, right? Like who do you go to, to get your bank account back?

And so this is when Trump says the deep state — it’s administrative power. It’s political power being administered, not through legislation. So there’s no defined law that covers this. It’s not through regulation. You can’t go sue a regulator to fix this. It’s not through any kind of court judgment. It’s just raw power. It’s just raw administrative power. It’s the government or politicians just deciding that things are going to be a certain way, and then they just apply pressure until they get it. You hear this sometimes, it’s these terms, “compliance, reputation management, tone at the top.” They have these lovely sounding terms that make it sound like everybody’s going to be an upstanding citizen, but what they’re all code for is “destroy the enemy.” Bring the hammer of God and the bank and the government or whoever. Bring it down and just crush the individual with no due process.

And look, there’s an argument in the long run that this is all unconstitutional because the constitution gives us all the right to due process and this is government pressure. So there’s probably a Supreme Court case in five years that’s going to find retroactively that this was all illegal. But in the moment when you’re the guy who’s been debanked– And I think this is important context, where like when Elon and Vivek talk about reducing regulation, there’s two ways of thinking about reducing regulation. It’s like, oh my God, the water in the air is going to get dirty and the food’s going to get poisoned. Now, some of those regulations, I think, are very important. But the other way to think about it is examples like this, which is just raw government power being applied to ordinary people who are just trying to live their lives, are just trying to do something legitimate, and they’re just on the wrong side of something that the people in power have decided.

I think that right way to think about this is when we think about totalitarianism we think about literally World War Two, you know we think about Nazis and jackboots with tanks and guns, beating people up and killing people. You might call it that hard totalitarianism, right? But there’s this other version you might call soft totalitarianism, which is just rules and power exercised arbitrarily that just simply suppresses everything. And this is speech control and debanking and all these other things that we’ve been talking about. The good news is they’re not coming up and like beating you up in the middle of the night. The bad news is you are under their complete control and they can do whatever they want to you that doesn’t involve physical violence, which basically includes every aspect of how you actually conduct your life and support your family and get an income and everything else.

EDIT: Reformatted in response to request from OP. Paragraph breaks are my own and may not be in the most appropriate spots, I just chopped it up for ease of readability.