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,

“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.

Trump appointed Bessent to take over the agency after firing Biden-era director Rohit Chopra over the weekend. The world’s wealthiest person, Elon Musk, has attacked the CFPB, joining a chorus of tech and finance titans who claim the agency has taken a heavy-handed approach to regulation.