Warren on efforts to shutter CFPB: 'No one can fire the financial cops'

Sen. Elizabeth Warren (D-Mass.) on Monday accused the Trump administration of trying to shut down the Consumer Financial Protection Bureau (CFPB) to benefit tech billionaire Elon Musk's payment platform "X Money."

Speaking at a protest organized by CFPB workers outside their headquarters, Warren said Musk wants "X money" to charge every part of a person's financial life.

"CFPB is there to make sure Elon Musk's new project cannot scam you and steal your personal data," she said, adding that this is why Musk is going after the agency.

"This is like a bank robber trying to fire the cops and turn off the alarms just before he strolls into the lobby," she said.

"We the people, not Elon Musk, have the real power," Warren continued, as the crowd cheered in response.

She said the billionaires were trying to take over the country, but Democrats would resist their attempts. "We will fight for the little agency that fights for us."

"We will fight it out in Congress, in courts and across this country -- and I promise you: We will win," Warren said.

Referring to the agency as "financial cops," Warren told the crowd that after the 2008 financial crash, Congress created the CFPB to protect people from getting swindled. "Congress built it and no one other than Congress -- not Donald Trump, not Elon Musk -- no one can fire the financial cops."

A series of steps taken by the Department of Government Efficiency (DOGE) over the weekend have left the agency largely nonfunctional. Warren, who helped set up the bureau before she joined Congress, has been critical of the move.

In a video posted on the social platform X on Monday, Warren called the Trump administration’s reported efforts to shutter the CFPB “another scam."

“If you have a bank account, or a credit card, or a mortgage, or a student loan — this is a code red,” she said in the video.

The Hill has reached out to DOGE for comment.