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Senate Votes to Strip CFPB of Ability to Regulate Platforms Like X | Conservative activist and friend of Donald Trump, Laura Loomer, is freaking out.
Conservative activist and friend of Donald Trump, Laura Loomer, is freaking out.
The attack on CFPB has since run into legal roadblocks, but the effort to destroy the agency comes at an interesting juncture, given that Musk’s platform, X, recently entered into an arrangement with Visa to create a peer-to-peer digital payments system. On Wednesday, the U.S. Senate voted on a resolution that would roll back the previously introduced CFPB rule that gave it the power to monitor online payment platforms. Loomer, who is best known for spouting conspiracy theories online, recently took to social media to bash the GOP’s attack on the regulatory agency which, she correctly pointed out, is responsible for stopping “debanking”—the supposedly discriminatory phenomenon in which a financial institution can decide to blacklist certain individuals or businesses.
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