Trump administration

President Donald Trump huddled with Republican lawmakers on Thursday and discussed ending some of the biggest tax provisions that impact Wall Street.

Luke Pettit could have an expanded role compared to previous assistant secretaries for financial institutions as President Donald Trump eyes Treasury lead for deregulatory agenda.

Secretary of State Marco Rubio said the U.S. will ban certain Cuban payments, mirroring Trump's pressure on cross-border payments during his first administration.

Trump's executive order to create a U.S. sovereign wealth fund raises important questions — as yet unanswered — around funding, governance, political interference and the purpose that such a fund would serve.

Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, said they would try to pass crypto and stablecoin bills in the first 100 days of the Trump administration.

Tom Krause, the chief executive of Cloud Software Group, and Marko Elez, an engineer who has worked for SpaceX and social-media platform X, have offices in the Treasury Department, according to sources.

The president directed Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for Commerce secretary, to create the fund, following through on an idea Trump floated during his campaign.

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.

As Elon Musk and his associates gain access to internal computers, Oregon Democratic Sen. Ron Wyden slammed the move and said it poses a national security risk. Musk said the Treasury system isn't adequately fighting fraud and is also attempting to shut down USAID.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.

Federal Reserve Gov. Michelle Bowman is widely seen as the president's most likely choice for vice chair for supervision, a position soon to be vacated by Michael Barr. But while Bowman is the administration's most straightforward option, it's not the only one being considered.

Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.

President Trump's executive order is meant to roll back his predecessor's emphasis on diversity and inclusion, but it could also complicate the Federal Deposit Insurance Corp.'s efforts to correct its own workplace-harassment problems.

The Federal Reserve chair said banks are well situated to handle risks related to crypto customers, but added that regulatory scrutiny of banks' direct engagement with the assets will be greater than for simple custody arrangements.

M&A, economic growth and artificial intelligence are among the leading issues banks will encounter this year, economists said.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.

The chair of the Senate Banking Committee said the Trump administration will soon address the future of the Consumer Financial Protection Bureau director. "I think we're going to be happy with the answer they give us and the person they give us as well," the Republican from South Carolina said.

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.