The Consumer Financial Protection Bureau was told to cease operations on Monday shortly after President Donald Trump appointed Treasury Director Scott Bessent to serve as the watchdog agency’s acting director—appeasing Republicans, and tech executives, who have criticized regulations at the agency implemented under the Biden administration.

<div class="image-embed__placeholder"><img src="https://specials-images.forbesimg.com/imageserve/67a117aaf2c03baf7205f385/Bessent-Confirmation-Hearing-TW/960x0.jpg?fit=scale" alt="Bessent Confirmation Hearing TW" width="100%" height="auto"></div><figcaption><fbs-accordion class="expandable" current="-1"><p class="color-body light-text" role="button">Treasury Secretary Scott Bessent testifies during his Senate Finance Committee confirmation hearing <span class="plus" data-ga-track="caption expand">... [+]</span><span class="expanded-caption"> in Dirksen building on Thursday, January 16, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)</span></p></fbs-accordion><small>CQ-Roll Call, Inc via Getty Images</small></figcaption>

 <div class="key-facts-element"> <p><em>This is a developing story and will be updated.</em></p>  </div>


Elon Musk previously called for the agency to be eliminated.{ai:summary}<p>The Consumer Financial Protection Bureau has been ordered to halt operations following President Trump's appointment of Scott Bessent as the agency's acting director. This move is seen as a response to Republican and tech executive criticism of Biden-era regulations.</p><p>The situation is ongoing and further updates are expected. #politics</p>

Consumer Financial Protection Bureau Ordered To Stop Work After Trump Says Treasury’s Bessent Now In Charge

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