Treasury Secretary Scott Bessent is ordering a freeze to work at the Consumer Financial Protection Bureau, after being named its acting director by President Trump

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.