Trump and Musk Defying Congress to Tear Down Defenses Against Another Financial Crisis
Washington, DC — On Tuesday, President Donald Trump signed an executive order attempting to eliminate the independence of agencies like the Federal Communications Commission, the Federal Trade Commission and the Securities and Exchange Commission. Demand Progress has been a strong opponent of corporate influence in government.
The following is a statement from Emily Peterson-Cassin, director of corporate power at Demand Progress:
“Trump is inviting disaster by giving Elon Musk and his corporate cronies a blank check to freely loot the American people. Independent agencies like the FTC and the SEC were created by Congress after corporate greed plunged the nation into repeated financial crises. Putting these agencies completely under the thumb of the White House not only defies the will of Congress and the rule of law, it also sets the stage for unchecked, corporate interests to once again wreck the economy in order to stuff their own pockets.
This is all so nakedly corrupt. The SEC fined and sued Musk for stock manipulation. The FTC investigated Musk for putting Twitter users’ privacy and security at risk. The FCC denied Musk’s Starlink more than $800 million in government subsidies for failing to deliver on its promises. The only people who win by defanging these independent agencies are billionaires like Musk who seek to prey on the American people for profit.
This illegal, corrupt executive order is another sign that we are in the midst of a full-blown constitutional crisis that would leave us defenseless against another financial crisis. Congressional leaders must rise to this historic moment and use every single ounce of leverage they have to fight back and protect the American people.”