The financial watchdog agency was formed after the 2008 crisis. The Trump administration has told staffers not to take any actions — or even come into the office.

Key Takeaways The acting director of the Consumer Financial Protection Bureau asked employees to stop much of their work, closed the headquarters, and said he would refuse the agency's funding.Analysts said that the White House cannot close the agency without Congress' consent but could hold the CFPB back from doing much of its work.

A union representing thousands of federal employees filed two lawsuits against Office of Management and Budget Director Russell Vought for his shuttering of the Consumer Financial Protection Bureau. Vought is the acting director of the CFPB.

Announcing millions of dollars of cuts to online subscriptions, the Trump administration's press secretary repeated misleading statements used to justify the dismantling of the US government's international aid and development agency.

Musk was asked about criticism from his detractors that he was "orchestrating a hostile takeover of government", to which he responded that he is delivering the reform America voted for by electing Trump.

Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday that the United States would go "bankrupt" without budget cuts.