Just as Elon Musk’s X pushes into financial services, the agency responsible for protecting citizens from such companies is under threat. On Saturday, a little less than two weeks into his second term in the White House,

Treasury Secretary Scott Bessent ordered the Consumer Financial Protection Bureau to halt work Monday, following months of anti-CFPB sentiment from President Donald Trump’s billionaire backers, including Mark Zuckerberg and Elon Musk, with Musk advocating for “deleting” the agency in his efforts to cut government spending.

“President Trump’s decision to fire CFPB Director Rohit Chopra marks the end of an era of strong consumer protection and the beginning of a plan to end this important agency,” Maxine Waters, the top Democrat on the House Financial Services Committee, said in a statement.

Treasury Secretary Scott Bessent has moved to temporarily halt the Consumer Financial Protection Bureau's work investigating financial abuses and regulating deceptive banking practices.