Senate votes to strip the CFPB of its power to regulate X

is a senior policy reporter at The Verge, covering the intersection of Silicon Valley and Capitol Hill. She spent 5 years covering tech policy at CNBC, writing about antitrust, privacy, and content moderation reform. The Senate voted on Wednesday to strip a key financial regulator of its ability to monitor digital platforms like X, as the social media company’s owner, Elon Musk, has become the public face of the government office seeking to shrink the agency’s workforce. The resolution, which still requires House approval, would effectively moot a rule finalized by the Consumer Financial Protection Bureau (CFPB) last year establishing its authority to monitor digital payment offerings, just as it already supervises traditional financial institutions and products. Republicans who introduced the resolution say it’s a necessary correction to the CFPB’s overreach and will ensure the agency doesn’t stand in the way of innovation. With the CFPB’s digital authority now in danger, two Democ ... Read full article.