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US President Donald Trump is set to meet with some of the country’s most powerful business leaders on Tuesday as concerns over tariffs, economic uncertainty, and a recent stock market selloff continue to mount.

The meeting, scheduled to take place in Washington, will be attended by around 100 chief executives from major corporations, including Apple, JPMorgan Chase, and Walmart, Reuters said.

Among the other attendees will be Chuck Robbins, CEO of Cisco Systems and the group’s incoming chair, along with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser.

The White House has yet to issue an official statement on the meeting’s agenda, but it is expected to focus on economic policy, trade, and regulatory measures.

The discussion comes as the US economy enters what Trump has described as a “period of transition,” with fears of a potential recession weighing heavily on investors.

Market sentiment has been rattled by the president’s unpredictable trade policies, including the possibility of fresh tariffs as early as Wednesday.

Trump’s meeting with CEOs to take place amid low business confidence

Trump’s America First economic approach—characterized by tax cuts, deregulation, and tariffs—has drawn both praise and criticism from business leaders.

While some executives have welcomed policies aimed at boosting domestic investment, others have voiced concerns that trade restrictions could hurt growth and increase inflation.

A recent survey conducted by Chief Executive magazine revealed that CEOs’ confidence in US business conditions has dropped to its lowest level since the onset of the COVID-19 pandemic in early 2020.

CEOs’ rating of current business conditions in the US fell 20% from January, from 6.3 to 5 out of 10, on a scale where 1 is Poor and 10 is Excellent.

This is the lowest level since the spring of 2020, when the pandemic shut down businesses around the world.

This contrasts sharply with a more optimistic assessment by the Conference Board last month.

Delta Air Lines lowered its first-quarter sales forecast on Monday, citing a “recent decline in consumer and corporate confidence” amid growing economic uncertainty.

American Airlines followed suit, warning of deeper losses as demand for leisure travel weakens.

“Industry leaders have responded to President Trump’s America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs,” said White House spokesman Kush Desai, dismissing negative talk about the outlook, Reuters said.

Meanwhile, the New York Fed’s monthly consumer survey revealed increasing pessimism among households regarding their financial outlook for the year ahead.

Stock market reeling from trade war fears

Financial markets have struggled in recent days, with the S&P 500 falling 2.7% and the Nasdaq plunging 4% on Monday.

Investor confidence has been shaken by Trump’s fluctuating stance on tariffs, particularly his suggestion over the weekend that levies “may go up” rather than down.

Historically, uncertainty surrounding trade policies has led to volatility in equity markets, and analysts warn that further escalations could exacerbate the situation.

“Trump is off to a great start, so it’s disappointing to see his ‘dumb’ (as the WSJ said) tariff policy muddying the waters of where the US and world economies are headed,” Don Ochsenreiter, the CEO of Dollamur Sport Surfaces, told Chief Executive.

With expectations of a trade war reigniting inflation and slowing economy, there is a fear that the “Trump bump” in the markets has become a “Trump slump”.

Inflation and policy shifts remain key concerns

Economists at Goldman Sachs have revised their forecasts, cutting US growth projections for 2025 while raising inflation estimates due to more aggressive tariff assumptions.

The bank’s CEO, David Solomon, is a Business Roundtable member.

Morgan Stanley cut its 2025 GDP growth forecast from 1.9% to 1.5%, noting that trade policies have been more aggressive than anticipated.

“While we expected growth-constraining policies like tariffs and immigration controls to come first, their severity has exceeded expectations,” Morgan Stanley economists wrote in a note to clients.

Trump’s broader economic strategy remains under scrutiny, particularly his commitment to tax cuts and deregulation.

While many investors had hoped for further stimulus, legislative hurdles make sweeping tax reforms difficult to implement.

Besides, Trump acknowledged over the weekend that his tariff strategy could take “a little time” to produce economic benefits.

“I think if we all are becoming a little more nationalistic – and I’m not saying that’s a bad thing, you know, it does resonate with me – that it’s going to have elevated inflation,” said BlackRock CEO Larry Fink, also a Business Roundtable member, at an industry conference on Monday.

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The Department of Government Efficiency, led by Elon Musk, is likely subject to the Freedom of Information Act (FOIA), a federal judge ruled Monday, noting that the newly formed department had been run in ‘unusual secrecy.’

U.S. District Judge Christopher Cooper, an Obama appointee, sided with the government watchdog group Citizens for Responsibility and Ethics in rejecting the Trump administration’s argument that DOGE does not have to respond to public records requests.

The administration claimed that DOGE is an arm of the Executive Office of the President, making it not subject to FOIA requests, which allow the public to request access to records produced by government agencies that had not previously been disclosed.

Cooper ruled that DOGE exercises ‘substantial independent authority’ much greater than the other parts of the executive office that are usually exempt from the FOIA law.

The ruling could force DOGE to become more transparent about its role in the administration’s mass firings of the federal workforce, as well as its dismantling of government agencies and decisions to cancel contracts.

‘Canceling any government contract would seem to require substantial authority—and canceling them on this scale certainly does,’ Cooper wrote.

The judge said DOGE ‘appears to have the power not just to evaluate federal programs, but to drastically reshape and even eliminate them wholesale,’ which he said the department declined to refute.

Cooper also said its ‘operations thus far have been marked by unusual secrecy,’ citing reports about DOGE’s use of an outside server, its employees’ refusal to identify themselves to career officials and their use of the encrypted app Signal to communicate.

The watchdog filed the lawsuit on Feb. 20 after filing FOIA requests seeking further information on DOGE’s operations, including communications like internal government emails and memos.

The group had asked Cooper to order DOGE and the Office of Management and Budget to release the records by Monday, arguing that the public and Congress needed the information during the debate over government funding legislation that must be passed by Friday to avert a partial government shutdown, but the judge declined to set a Friday deadline to produce the records.

‘Unfortunately for CREW, it satisfies none of the factors entitling it to preliminary relief ordering production of its OMB requests by today’s date,’ Cooper wrote.

Instead, the judge ordered for the records to be produced on a ‘rolling basis as soon as practicable,’ saying voters and Congress deserve timely information on DOGE given the ‘unprecedented’ authority it was exercising to reshape the government.

This case is one of several lawsuits targeting the administration’s argument that DOGE is not subject to FOIA requests, but the other cases are still in earlier stages.

Reuters contributed to this report.

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President Donald Trump said Tuesday that he would purchase a Tesla car to support his senior advisor Elon Musk amid nationwide protests against the electric automaker.

Trump said ‘Radical Left Lunatics’ are attempting to boycott Tesla, which he called Musk’s ‘baby.’

‘To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB!’ Trump wrote on Truth Social shortly after midnight on Tuesday. ‘But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for.’

‘They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out?’ Trump continued.

The president explained that he was going to purchase a car from Tesla to show his support for Musk.

‘In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American,’ Trump wrote. ‘Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???’

‘Thank you, President @realDonaldTrump!’ Musk responded on X.

Tesla car owners, dealerships and charging stations have been targeted nationwide by protesters and vandals over Musk’s involvement with the Trump administration’s newly formed Department of Government Efficiency (DOGE).

Protesters rallied outside Tesla dealerships on Saturday, holding signs denouncing Musk and DOGE, and cars and windows at an Oregon Tesla dealership were damaged by gunshots fired by protesters last week.

A man was also arrested after Molotov cocktails were thrown at a Tesla dealership in Salem, Oregon.

Additionally, several Tesla charging stations have been set on fire in Massachusetts, and the U.S. attorney’s office in Colorado charged a suspect after police say they found a number of explosives and concerning messages at a Tesla dealership.

Fox News’ Stepheny Price contributed to this report.

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President Donald Trump has been back in the Oval Office for 50 days, which has included a whirlwind of executive orders, a breakneck pace of gutting and rebuilding agencies within the federal government, and rolling out economic plans the president says will be a boon to U.S. workers and industry. 

‘To my fellow citizens, America is back,’ Trump declared in a joint speech before Congress March 4. 

‘Six weeks ago, I stood beneath the dome of this Capitol and proclaimed the dawn of the golden Age of America,’ he continued. ‘From that moment on, it has been nothing but swift and unrelenting action to usher in the greatest and most successful era in the history of our country. We have accomplished more in 43 days than most administrations accomplished in four years or eight years. And we are just getting started.’ 

Trump has signed at least 89 executive orders in his 50 days in office. Trump signed more executive orders in his first 50 days than any other president signed in their first year going back to the Carter administration in 1977, data compiled by Fox News show. 

Trump’s executive orders have been expansive, addressing issues ranging from ending the practice of biological males playing on girls sports teams, renaming the Gulf of Mexico to the Gulf of America, to establishing the Department of Government Efficiency (DOGE). 

Amid his executive order and action blitz, Trump and his administration have been hit with at least 102 lawsuits, including repeated lawsuits surrounding DOGE and its chair, Elon Musk. 

Musk and his DOGE team have been poring through various federal agencies in the search of government overspending, mismanagement and fraud, as well as slimming down the agencies overall through thousands of federal layoffs, including probationary employees who have not secured full-time employment. DOGE’s work has struck the ire of Democrats and federal employees who have staged repeated protests over the audits and firings in Washington, D.C., and across the U.S.

The president has meanwhile touted DOGE’s findings in public remarks, including rattling off a series of examples during his speech before a joint session of Congress. 

‘Forty-five million dollars for diversity, equity and inclusion scholarships in Burma,’ Trump said as he provided examples of federal waste March 4 after thanking Musk for his work. ‘Forty million to improve the social and economic inclusion of sedentary migrants. Nobody knows what that is. Eight million to promote LGBTQI+ in the African nation of Lesotho, which nobody has ever heard of. Sixty million dollars for indigenous peoples and Afro-Colombian empowerment in Central America. Sixty million. Eight million for making mice transgender.’

Trump’s speech marked his first before both chambers of Congress since his return to the Oval Office. Trump spoke for about an hour and 40 minutes, notching the longest address a president has delivered before a joint session of Congress, according to the American Presidency Project at the University of California at Santa Barbara. The longest speech on record previously was held by former President Bill Clinton, when he spoke for one hour and 28 minutes during his State of the Union Address in 2000. 

Immigration was a large focus of his address, as well as his first 50 days in office. His administration is touting in March that illegal border crossings have fallen to the lowest levels on record, cratering by 94% since February 2024 under the Biden administration, while massive deportation efforts between multiple law enforcement agencies have removed violent criminal illegal immigrants from the nation. 

Trump has also honored the American lives lost to illegal immigrant murders, including remembering Laken Riley and Jocelyn Nungaray during his speech on Capitol Hill. 

Trump signed the Laken Riley Act into law upon taking office in January, which directs Immigration and Customs Enforcement to detain illegal immigrants arrested or charged with theft-related crimes, or those accused of assaulting a police officer. He also named a National Wildlife Refuge after Jocelyn Nungaray, a 12-year-old girl from Texas who was sexually assaulted and murdered by two illegal immigrants in June 2024. 

Trump’s economic policies have also been rolled out at a fast and furious pace, including 25% tariffs on steel and aluminum imports, a 10% tariff on imports from China to help end the flow of deadly fentanyl into the U.S., as well as announcing a plan for reciprocal tariffs on foreign nations, which are set to take effect in April. 

Trump has championed that reciprocal tariffs will open the doors to foreign industries setting up shop in America to avoid the tax on imports to the U.S.

‘They can build a factory here, a plant or whatever it may be, here,’ Trump said of the reciprocal tariffs in February. ‘And that includes the medical, that includes cars, that includes chips and semiconductors. That includes everything. If you build here, you have no tariffs whatsoever. And I think that’s what’s going to happen. I think our country is going to be flooded with jobs.’

A handful of businesses and manufacturers, both U.S.-based and those abroad, have announced billions of dollars in investments since Trump took office, including Apple announcing a $500 billion investment in February that will generate 20,000 jobs in the United States and Saudi Arabia, pledging $600 billion in the U.S. over the next four years. 

Businesses also have pledged to increase U.S.-based production efforts since Trump took office, including auto company Stellantis announcing it will make its latest version of the Dodge Durango in Michigan, and will also reopen an assembly plant in Illinois — while Mercedes-Benz pledged to grow its U.S.-based vehicle production. 

On the international stage, Trump has secured the release of a handful of American hostages held abroad, including six who were held in Venezuela, two who were held in Afghanistan, one in Russia, one in Belarus and another American who was held in Hamas’ captivity. 

The administration also secured the arrest of the terrorist behind the 2021 Abbey Gate attack in Afghanistan, which killed 13 U.S. service members amid the U.S.’ disastrous withdrawal from the country under the Biden admin. 

Trump has met with world leaders at the White House since his return to the Oval Office, including Indian Prime Minister Narendra Modi, UK PM Keir Starmer, French President Emmanuel Macron, Japanese Prime Minister Ishiba Shigeru, Israeli Prime Minister Benjamin Netanyahu, Jordanian King Abdullah II bin al-Hussein and Ukraine President Volodymyr Zelenskyy. 

Trump met with Zelenskyy in a fiery meeting Feb. 28 as the two leaders looked to continue negotiations to end the Russia–Ukraine war, and also ink a deal to recoup the cost of U.S. aid sent to the war-torn country by gaining access to rare-earth minerals like titanium, iron and uranium in Ukraine. 

The deal was put on ice after Zelenskyy traded barbs with Vice President JD Vance and Trump during the meeting, culminating in Zelenskyy leaving the White House ahead of schedule as a planned press conference was canceled. U.S. leaders, including Secretary of State Marco Rubio, recently arrived in Saudi Arabia to speak with the Ukraine delegation to discuss possible peace agreements. 

War had also raged between Israel and Hamas ahead of Trump taking office, with his transition team earning credit for helping secure a ceasefire in the waning days of the Biden administration. Trump announced in February, when Netanyahu visited the White House, that he is looking into ‘long-term ownership position’ over the Gaza Strip in order to level it, rebuild it and ‘create an economic development’ that would prevent terrorists from gaining power in the area. 

Just ’50 days in office and he has already established himself as the most consequential President of our time,’ the White House said in a statement Monday celebrating Trump’s 50 days of accomplishments. ‘The winning never stops — and President Trump is just getting started.’ 

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The House is poised to debate and vote on an interim spending bill to avoid a government shutdown early Saturday morning. 

This bill renews all Biden-era funding numbers. It also cuts the budget for Washington but allows the Pentagon to begin new programs and increases military pay. 

It is all about the math. The margin could be tight. That is why Vice President JD Vance is on Capitol Hill meeting with House Republicans behind closed doors at 9 a.m. ET. 

President Donald Trump unloaded last night on Rep. Thomas Massie, R-Ky., threatening a primary challenge. Massie is a hard no. 

The administration and House GOP leaders believe a shutdown would be catastrophic and interfere with adopting Trump’s agenda. 

House Democratic leaders oppose the package. They believe Republicans should pass the bill themselves since they didn’t negotiate with Democrats. However, House Minority Leader Hakeem Jeffries, D-N.Y., refused to answer when asked twice yesterday if all Democrats would vote nay. 

Democrats are somewhat torn. On the one hand, they believe a shutdown could impede DOGE. On the other, they fear that a shutdown could embolden Elon Musk to shutter programs that are closed. 

The vote comes today sometime after 4 p.m. ET. 

Even if the bill passes, the measure faces an unclear future in the Senate. Even if all 53 Senate Republicans vote yes, they need seven Democrats to break a filibuster. 

The deadline to fund the government comes at 11:59:59 p.m. ET Friday. 

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Rep. Chrissy Houlahan, D-Pa., is pushing to censure Rep. Lauren Boebert, R-Colo., over a TV interview in which the Republican congresswoman criticized Rep. Al Green, D-Texas. 

Green notably heckled President Donald Trump multiple times during his first address of his second term to Congress last week until House Speaker Mike Johnson, R-La., ordered the Sergeant at Arms to escort Green from the chamber. 

Houlahan submitted a resolution Monday calling to censure Boebert ‘for her recent disparaging and derogatory comments’ about Green. 

During a March 7 interview with Real America’s Voice News, Boebert said ‘Al Green was given multiple opportunities to stand down, to sit down, to behave, to show decorum.’ 

‘For him to go and shake his pimp cane at President Trump was absolutely abhorrent,’ Boebert added. 

The resolution said those words uttered by Boebert ‘are disparaging, derogatory, and racist toward another colleague, and are a breach of proper conduct and decorum of the U.S. House of Representatives.’ 

It calls for Boebert to be censured, ‘forthwith present herself in the well of the House of Representatives for the pronouncement of censure,’ and that Boebert ‘be censured with the public reading of this resolution by the Speaker.’ 

In a statement, Houlahan said, ‘After my discussion on the House floor last week when Speaker Johnson told me he’d have to censure half the members if he actually enforced the rules of the Congress, I decided to help, and tonight introduced a resolution to censure Representative Boebert for her racist and derogatory statements about Representative Al Green (D-TX).’ 

At the start of Trump’s address before Congress, Green stood up when the president described his electoral victory as a ‘mandate’ from the American people.  

‘You have no mandate! You have no mandate to cut Medicaid!’ Green shouted, waving his cane at Trump. 

The lower chamber of Congress voted to censure Green the next day, and Johnson condemned how the Democrat ‘chose to deliberately violate House rules in a manner that we think is probably unprecedented in history.’

Houlahan initially voted to table the motion, but she was among the 10 Democrats who ultimately joined with Republicans to censure Green. 

Establishment Democrats and progressives promptly turned on each other over their party’s disrupting behavior during Trump’s address, complaining how they’ve failed to have a unifying message against Republicans.  

Houlahan acknowledged in an X post on Thursday that ‘today’s vote to censure my fellow representative was not easy and has angered many of you.’ 

Speaking to the Philadelphia Inquirer afterward, she defended her decision but also criticized past behavior from Republicans in the chamber that she argued also warranted censure. 

‘I voted to table that because I think we have much, much better things to do with our time than to continue to do this tit-for-tat nonsense with one another,’ Houlahan told the newspaper. ‘That being said, the motion to table failed, so we don’t have the opportunity to not vote on this. And I believe we need to recognize that we have rules in the House of Representatives and we have standards of decorum that we all presumably agree to, and we all need to agree to those standards so we can get the work for the people done and so we can not be a banana republic.’

After the vote, Houlahan told the Inquirer she pulled Johnson ‘to the side and had a very‚ very strong conversation with him where I explained I voted in favor but I am not OK with arbitrary and capricious applications of the same rule.’ 

She said she complained about how there was no censure or sanction against Rep. Marjorie Taylor Greene, R-Ga., and Johnson replied, ‘Well, she just wore a hat.’

But Houlahan argued Greene ‘also yelled at the President of the United States,’ referring to her treatment of former President Joe Biden last year, ‘and I don’t believe it’s OK that she did not have same treatment.’ 

‘And I think it’s absolute hypocrisy that people after the vote were standing there yelling at Mr. Green when their own colleagues have done very, very similar things, not wearing masks when it was mandated, wearing MAGA hats when there are literally no hats allowed on the floor,’ Houlahan said. ‘We had to make a special exception for wearing hijabs. It’s insane… We need to behave like grown-ups and stop the madness.’

Houlahan said it was a ‘really, really, really hard vote for me,’ but ultimately she did her duty. ‘And it’s frustrating because Al Green’s statement was true,’ Houlahan said. ‘It wasn’t provocative or offensive. It was the truth. But I think each one of us had to make decisions about how we were going to comport ourselves and what was appropriate, and I know each colleague on both sides made those choices, and each one of us knows there are consequences to those choices.’

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The Trump Organization sued Capital One in Florida on Friday for allegedly “unjustifiably” closing more than 300 of the company’s bank accounts on the heels of the Jan. 6, 2021, riot at the U.S. Capitol by a mob of President Donald Trump’s supporters.

The lawsuit said that the Trump Organization and related entities “have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”

“In essence, Capital One ‘de-banked’ Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so,” the Trump Organization claims in the civil case filed in the Eleventh Judicial Circuit Court in Miami-Dade County.

The suit seeks a declaratory judgment that the bank improperly terminated the Trump companies’ accounts in June 2021, as well as punitive and other monetary damages for what the suit alleged was “the devastating impact” of the terminations on the companies’ ability to transact and access their funds.

The closures came more than four months after the riot at the U.S. Capitol, which began after Trump for weeks falsely claimed that he had won the 2020 presidential election over former President Joe Biden.

The suit’s named plaintiffs are the Donald J. Trump Revocable Trust, DJT Holdings, DJT Holdings Managing Member, DTTM Operations, and Eric Trump, the president’s son, who with his brother, Donald Trump Jr., runs the Trump Organization.

The complaint says the plaintiffs and affiliated entities held hundreds of accounts at Capital One for decades before they were closed. Eric Trump said the amount of damages suffered by the companies is “millions of dollars.”

Alejandro Brito, a lawyer who is representing the Trump Organization in the suit, told CNBC the company “is contemplating other suits against financial organizations that engaged in similar conduct.”

Brito said Capital One’s actions “was an attack on free speech.”

A spokesperson for the bank wrote in an email to CNBC, “Capital One has not and does not close customer accounts for political reasons.”

Eric Trump said in a statement, “The decision by Capital One to ‘debank’ our company, after well over a decade, was a clear attack on free speech and free enterprise that flies in the face of the bedrock principles and freedoms that define our country.”

“Moreover, the arbitrary closure of these accounts, without justifiable cause, reflects a broader effort to silence and undermine the success of the Trump Organization and those who dare to express their political views,” said Eric Trump.

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For years, American financial companies have fought the Consumer Financial Protection Bureau — the chief U.S. consumer finance watchdog — in the courts and media, portraying the agency as illegitimate and as unfairly targeting industry players.

Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally: the same banks that reliably complained about its rules and enforcement actions under former Director Rohit Chopra.

That’s because if the Trump administration succeeds in reducing the CFPB to a shell of its former self, banks would find themselves competing directly with nonbank financial players, from big tech and fintech firms to mortgage, auto and payday lenders, that enjoy far less federal scrutiny than Federal Deposit Insurance Corp.-backed institutions.

“The CFPB is the only federal agency that supervises non-depository institutions, so that would go away,” said David Silberman, a veteran banking attorney who lectures at Yale Law School. “Payment apps like PayPal, Stripe, Cash App, those sorts of things, they would get close to a free ride at the federal level.”

The shift could wind the clock back to a pre-2008 environment, where it was largely left to state officials to prevent consumers from being ripped off by nonbank providers. The CFPB was created in the aftermath of the 2008 financial crisis that was caused by irresponsible lending.

But since then, digital players have made significant inroads by offering banking services via mobile phone apps. Fintechs led by PayPal and Chime had roughly as many new accounts last year as all large and regional banks combined, according to data from Cornerstone Advisors.

“If you’re the big banks, you certainly don’t want a world in which the non-banks have much greater degrees of freedom and much less regulatory oversight than the banks do,” Silberman said.

The CFPB and its employees are in limbo after acting Director Russell Vought took over last month, issuing a flurry of directives to the agency’s then 1,700 staffers. Working with operatives from Elon Musk’s Department of Government Efficiency, Vought quickly laid off about 200 workers, reportedly took steps to end the agency’s building lease and canceled reams of contracts required for legally mandated duties.

In internal emails released Friday, CFPB Chief Operating Officer Adam Martinez detailed plans to remove roughly 800 supervision and enforcement workers.

Senior executives at the CFPB shared plans for more layoffs that would leave the agency with just five employees, CNBC has reported. That would kneecap the agency’s ability to carry out its supervision and enforcement duties.

That appears to go beyond what even the Consumer Bankers Association, a frequent CFPB critic, would want. The CBA, which represents the country’s biggest retail banks, has sued the CFPB in the past year to scuttle rules limiting overdraft and credit card late fees. More recently, it noted the CFPB’s role in keeping a level playing field among market participants.

“We believe that new leadership understands the need for examinations for large banks to continue, given the intersections with prudential regulatory examinations,” said Lindsey Johnson, president of the CBA, in a statement provided to CNBC. “Importantly, the CFPB is the sole examiner of non-bank financial institutions.”

Vought’s plans to hobble the agency were halted by a federal judge, who is now considering the merits of a lawsuit brought by a CFPB union asking for a preliminary injunction.

A hearing where Martinez is scheduled to testify is set for Monday.

In the meantime, bank executives have gone from antagonists of the CFPB to among those concerned it will disappear.

At a late October bankers convention in New York, JPMorgan Chase CEO Jamie Dimon encouraged his peers to “fight back” against regulators. A few months before that, the bank said that it could sue the CFPB over its investigation into peer-to-peer payments network Zelle.

“We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,” Dimon said at the convention.

Now, there’s growing consensus that an initial push to “delete” the CFPB is a mistake. Besides increasing the threat posed from nonbanks, current rules from the CFPB would still be on the books, but nobody would be around to update them as the industry evolves.

Small banks and credit unions would be even more disadvantaged than their larger peers if the CFPB were to go away, industry advocates say, since they were never regulated by the agency and would face the same regulatory scrutiny as before.

“The conventional wisdom is not right that banks just want the CFPB to go away, or that banks want regulator consolidation,” said an executive at a major U.S. bank who declined to be identified speaking about the Trump administration. “They want thoughtful policies that will support economic growth and maintain safety and soundness.”

A senior CFPB lawyer who lost his position in recent weeks said that the industry’s alignment with Republicans may have backfired.

“They’re about to live in a world in which the entire non-bank financial services industry is unregulated every day, while they are overseen by the Federal Reserve, FDIC and OCC,” the lawyer said. “It’s a world where Apple, PayPal, Cash App and X run wild for four years. Good luck.”

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If you receive more Social Security benefits than you are owed, you may face a 100% default withholding rate from your monthly checks once a new policy goes into effect.

The change announced last week by the Social Security Administration marks a reversal from a 10% default withholding rate that was put in place last year after some beneficiaries received letters demanding immediate repayments for sums that were sometimes tens of thousands of dollars.

The discrepancy — called overpayments — happens when Social Security beneficiaries receive more money than they are owed.

The erroneous payment amounts may occur when beneficiaries fail to report to the Social Security Administration changes in their circumstances that may affect their benefits, according to a 2024 Congressional Research Service report. Overpayments can also happen if the agency does not process the information promptly or due to errors in the way data was entered, how a policy was applied or in the administrative process, according to the report.

The Social Security Administration paid about $6.5 billion in retirement and disability benefit overpayments in fiscal year 2022, which represents 0.5% of total benefits paid, the Congressional Research Service said in its 2024 report. The agency also paid about $4.6 billion in overpayments for Supplemental Security Income, or SSI, benefits in that year, or about 8% of total benefits paid.

The Social Security Administration recovered about $4.9 billion in Social Security and SSI overpayments in fiscal year 2023. However, the agency had about $23 billion in uncollected overpayments at the end of the 2023 fiscal year, according to the Congressional Research Service.

By defaulting to a 100% withholding rate for overpayments, the Social Security Administration said it may recover about $7 billion in the next decade. 

“We have the significant responsibility to be good stewards of the trust funds for the American people,” Lee Dudek, acting commissioner of the Social Security Administration, said in a statement. “It is our duty to revise the overpayment repayment policy back to full withholding, as it was during the Obama administration and first Trump administration, to properly safeguard taxpayer funds.”

The new 100% withholding rate will apply to new overpayments of Social Security benefits, according to the agency. The withholding rate for SSI overpayments will remain at 10%.

Social Security beneficiaries who are overpaid benefits after March 27 will automatically be subject to the new 100% withholding rate.

Individuals affected will have the right to appeal both the overpayment decision and the amount, according to the agency. They may also ask for a waiver of the overpayment, if either they cannot afford to pay the money back or if they believe they are not at fault. While an initial appeal or waiver is pending, the agency will not require repayment.

Beneficiaries who cannot afford to fully repay the Social Security Administration may also request a lower recovery rate either by calling the agency or visiting their local office.

For beneficiaries who had an overpayment before March 27, the withholding rate will stay the same and no action is required, the agency said.

The new overpayment policy goes into effect about one year after former Social Security Commissioner Martin O’Malley implemented a 10% default withholding rate.

The change was prompted by financial struggles some beneficiaries faced in repaying large sums to the Social Security Administration.

At a March 2024 Senate committee hearing, O’Malley called the policy of intercepting 100% of a benefit check “clawback cruelty.”

At the same hearing, Sen. Raphael Warnock, D-Georgia, recalled how one constituent who was overpaid $58,000 could not afford to pay her rent after the Social Security Administration reduced her monthly checks.

Following the Social Security Administration’s announcement that it will return to 100% as the default withholding rate, the National Committee to Preserve Social Security and Medicare said it is concerned the agency may be more susceptible to overpayment errors as it cuts staff.

“This action, ostensibly taken to cut costs at SSA, needlessly punishes beneficiaries who receive overpayment notices — usually through no fault of their own,” the National Committee to Preserve Social Security and Medicare, an advocacy organization, said in a statement.

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Tesla’s selloff on Wall Street intensified on Monday, with shares of the electric vehicle maker plunging 15%, their worst day on the market since September 2020.

On Friday, Tesla wrapped up a seventh straight week of losses, its longest losing streak since debuting on the Nasdaq in 2010. The stock has fallen every week since CEO Elon Musk went to Washington, D.C., to take on a major role in the second Trump White House.

Since peaking at $479.86 on Dec. 17, Tesla shares have lost over 50% of their value, wiping out over $800 billion in market cap. Monday marked the stock’s seventh worst day on record.

Tesla led a broader slump in U.S. equities, with the Nasdaq tumbling almost 4%, its steepest decline since 2022.

The downdraft in Tesla’s stock on Monday was tied to uncertainty surrounding President Donald Trump’s plans on tariffs. Canada and Mexico are key markets for automotive suppliers, and increased tariffs, with the potential for a trade war, will likely impact production and lead to higher prices.

Tesla is also dealing with brand erosion due to Musk’s incendiary political rhetoric and his extensive work with the Trump administration, where he’s leading up the so-called Department of Government Efficiency. Musk, the world’s wealthiest person, has become the public face of the administration’s effort to dramatically shrink the federal government’s workforce, spending and capacity.

Meanwhile, Musk has used his social network X to level accusations against judges whose decisions he didn’t like and promoted false Kremlin talking points about Ukraine President Volodymyr Zelenskyy.

Activists and former Musk fans have protested at Tesla facilities throughout the U.S., and Tesla vehicles and facilities have been the apparent targets of vandalism and arson attempts. Repeated arson attempts and instances of vandalism occurred at a Tesla store and service center in Loveland, Colorado, most recently on March 7, police told CNBC.

Ben Kallo, an analyst at Baird, told CNBC’s “Squawk on the Street” on Monday that recent reports of vandalism could hurt demand.

“When people’s cars are in jeopardy of being keyed or set on fire out there, even people who support Musk or are indifferent Musk might think twice about buying a Tesla,” Kallo said.

Analysts at Bank of America’s wrote in a report on Monday that Tesla new vehicle sales plummeted by about 50% in Europe in January from a year earlier, partly owing to growing distaste for the brand. The firm also noted that some prospective customers are waiting for the new version of the Model Y.

Tesla’s Model Y, which is a small SUV, remained the best-selling battery electric vehicle globally in January. It was followed by China’s Geely Geome, which surpassed the Tesla Model 3 sedan for the month.

Global sales of electric vehicles, including fully electric and plug-in hybrid models, increased 21% in January from a year ago, even as Tesla’s sales declined. The growth was driven by demand in Europe, according to Bank of America.

— CNBC’s Jesse Pound contributed to this report.

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