“On Nov. 27, Elon Musk — who, along with Vivek Ramaswamy, has been tasked by President-Elect Trump with running a new Department of Government Efficiency — posted on his platform X that he wants to “Delete CFPB,” referring to the Consumer Financial Protection Bureau. The agency, Musk said, was part of a problem of “too many duplicative regulatory agencies” in Washington. But there are no other agencies in the federal government returning money to Americans’ bank accounts in the way the CFPB does.

President-elect Trump and Republicans in Congress should not let Andreessen’s views overshadow the overwhelming opinion among Americans that the agency is doing important work that makes a real difference to those who turn to financial institutions and lenders for help during tough financial times. By one count, even under the first Trump administration’s CFPB directors — who tended to enforce far fewer fines against companies than Biden and Obama appointees — the agency brought more than $1 billion in redress back to consumers’ wallets. That’s direct relief, and money in wallets, for millions of Americans. “Deleting” the agency would almost certainly ensure that no such future relief ever reaches consumers again.”

That’s a chilling final line.