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.

The secretary replaces Rohit Chopra, who had aggressively sought to expand the bureau’s authority over banks and other financial firms.

The Consumer Financial Protection Bureau is halting its operations amid Scott Bessent's takeover, according to reports.