Trump, Donald J

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      Elon Musk’s DOGE Overhauls the Consumer Financial Protection Bureau

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      The upheaval at the Consumer Financial Protection Bureau offers a glimpse into the playbook that Elon Musk and other Trump allies seem to be writing in real time.At first, things at the Consumer Financial Protection Bureau seemed eerily calm.The Biden-appointed director of the agency, which was created after the 2009 financial crisis to regulate banks and other lenders, was not immediately fired by President Trump. The lawyers at the agency continued with their business. In late January, they said a remittance company was misleading customers about its fees and ordered it to pay a $2.5 million fine.And then the chaos began.On the morning of Feb. 1 — a Saturday — the director was dismissed, as my colleague Stacy Cowley, who has followed every twist and turn of this story, reported. By the next Friday, Feb. 7, Russell Vought, the director of the Office of Management and Budget and a close Trump adviser, was installed as the C.F.P.B.’s acting director. Representatives from the new Department of Government Efficiency, which is led by Elon Musk and is not a formal executive-branch department, arrived and got access to the computer systems.Musk posted a message on his X account: “CFPB RIP.”Musk’s cost-cutting team has been operating with little transparency. Members don’t announce what they’re doing, who’s doing it or how. So it’s worth understanding what’s happening at the C.F.P.B., both because of the direct impact on the agency’s work and because it’s a glimpse into the playbook that Musk and his team, working with Trump officials like Vought, seem to be writing in real time.The panic strategyRussell Vought on Capitol Hill this week.Haiyun Jiang for The New York TimesLast Saturday, Vought ordered the nearly 1,700 people who work at the agency to stop much of their work. The edict prompted widespread fear and deep concern about the agency’s future. People worried that their work phones and computers were being tracked. One employee I spoke with, who asked not to be identified out of fear of retaliation, felt panic, and then remembered that Vought had spoken in 2023 of his intent to demoralize workers in the civil service.“We want the bureaucrats to be traumatically affected,” Vought had said.Some employees tried to plug away at their jobs. Two of them told me that after they saw Musk’s post on X about his team’s preference for working on weekends, when federal offices are closed, they decided they would do the same. On Saturday, they saw three employees from Musk’s team in the bureau’s basement, working in conference rooms with the windows papered over.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      New Trump Executive Order Calls for ‘Reform’ to the U.S. Diplomatic Corps

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      President Trump signed an executive order on Wednesday calling for “reform” to the Foreign Service, America’s corps of professional diplomats, “to ensure faithful and effective implementation” of his foreign policy agenda.It was the latest of several recent moves by Mr. Trump to assert greater control over the federal work force, which the president largely views with a blend of suspicion and hostility. Mr. Trump and his allies believe that left-leaning bureaucrats will work to thwart his agenda and that he should have far more power than past presidents to install proven loyalists throughout the government.To that end, Mr. Trump’s order, titled “One Voice for America’s Foreign Relations,” directs the secretary of state to “implement reforms in recruiting, performance, evaluation and retention standards.” It also directs officials to “revise or replace the Foreign Affairs Manual,” along with “any handbooks, procedures or guidance” governing diplomacy.The executive order also makes explicit the price of defying Mr. Trump’s orders. “Failure to faithfully implement the president’s policy is grounds for professional discipline, including separation,” it says.All foreign policy arms of the government, it adds, must devise “an effective and efficient means” of ensuring that the president’s orders are followed.The executive order would appear to challenge basic and longstanding principles of the Foreign Service: that career diplomats should be hired based on their qualifications and expertise, not their political views, and that dissent should be welcomed and not punished.As part of the federal civil service, professional diplomats enjoy special job protections against partisanship and political retribution. Mr. Trump seems intent on weakening those protections.In an initial statement, the American Foreign Service Association, which represents professional diplomats, said it was still assessing the impact of the order. But the group noted that its members posted around the world “carry out the foreign policy initiatives of the president, regardless of party.”“We hope that any administration would value the expertise and knowledge of the Foreign Service, including its ability to provide advice on foreign policy matters,” the statement said, adding that the group would “always defend the integrity and nonpolitical nature of the Foreign Service so that our members can continue to serve the American people.”Separately, State Department officials are grappling with more proposed cuts to personnel. Some ambassadors have been told this week to present lists of cuts of 10 to 20 percent of employees who are local citizens, said a person briefed on the demands, who spoke on condition of anonymity to avoid retribution.Edward Wong More

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      Elon Musk’s X Settles Trump Lawsuit

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      X has agreed to pay in the range of $10 million to settle a lawsuit brought by President Trump over the 2021 suspension of his account on the social media platform, according to a person briefed on the matter.The company, then known as Twitter, removed Mr. Trump from its platform after the riot at the U.S. Capitol on Jan. 6, 2021, citing his inflammatory posts and arguing they could lead to more violence. Mr. Trump sued, claiming Twitter and other tech firms that removed his accounts had wrongfully censored him.Elon Musk, now X’s owner and a close adviser to the president, reinstated Mr. Trump’s account shortly after acquiring the company in 2022. Mr. Musk has thrown his support behind Mr. Trump, donating more than $250 million to his campaign, and is now running a government cost-cutting initiative called the Department of Government Efficiency.The settlement further cements the relationship between Mr. Musk and Mr. Trump. Details of the agreement were not made public in court filings, but X and Mr. Trump notified the Ninth Circuit Court of Appeals on Friday that they had agreed to dismiss the lawsuit. Both parties agreed to pay their own costs, according to a court filing.The settlement amount was previously reported by The Wall Street Journal. A spokesman for X did not respond to a request for comment. It was not immediately clear what entity would receive the money.Mr. Trump sued Twitter, Facebook and Google, the parent company of YouTube, after the platforms suspended his accounts in the wake of the attack on the Capitol. After the riot, Mr. Trump had used his Twitter account to praise his supporters, calling them “patriots.”Mr. Trump also posted that he would not attend the inauguration of Joseph R. Biden Jr., which Twitter’s safety teams said at the time could have signaled his supporters to stage another attack on that event. Twitter said it suspended Mr. Trump’s account “due to the risk of further incitement of violence.”Meta, the parent company of Facebook, Instagram and WhatsApp, settled its lawsuit last month, agreeing to pay the president $25 million. Mark Zuckerberg, Meta’s chief executive, has also courted Mr. Trump in recent months, donating to his inauguration fund and making sweeping changes to Meta’s policies to allow for more types of speech across the company’s apps.In December, ABC News agreed to pay $15 million to settle a defamation lawsuit by Mr. Trump. ABC News said it would donate the money to Mr. Trump’s future presidential foundation and museum.Meta agreed to similar terms in its settlement with Mr. Trump. About $22 million will finance Mr. Trump’s presidential library, with the remaining $3 million set aside to for Mr. Trump’s legal fees and other plaintiffs who joined the lawsuit. More

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      Stocks Drop After Hotter Than Expected Inflation Reading

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      Investors are now betting that the Federal Reserve will cut interest rates just once more this year, a drastic shift in expectations since late 2024.Stocks on Wall Street slumped at the start of trading on Wednesday, dragged lower by data that showed consumer prices rose more than expected in January, leaving the Federal Reserve little cause to lower interest rates again soon.The S&P 500 fell roughly 1 percent as trading got underway. The Nasdaq Composite index, which is chock-full of tech stocks that have come under pressure recently from rising global competition to develop the chips that will power the development of artificial intelligence, also fell around 1 percent.Fresh inflation data from the Bureau of Labor Statistics on Wednesday showed that prices rose 3 percent for the year through January, up from 2.9 percent in December. The “core” Consumer Price Index, which excludes volatile food and energy prices, rose 3.3 percent year-over-year.Signs of continuing price pressure is likely to encourage the Fed to refrain from further interest rate cuts in the coming months. For stock investors, higher interest rates means slower business activity, which can weigh on companies’ earnings and stock prices.The uptick in inflation in January “does not derail the longer-term downward trend in inflation,” said Kyle Chapman, a foreign exchange market analyst at Ballinger Group. But, he said, “it does reaffirm the consensus that cuts are going to come much more slowly than we had thought towards the end of last year.”Investors are now betting that the Federal Reserve will keep interest rates at their current level until December. It’s a drastic shift in expectations since last year, when traders were expecting as many as four cuts for 2025, and even just a few weeks ago investors expected the next cut in rates as soon as June.The two year Treasury yield, which is sensitive to changes in investors’ interest rate expectations, rose sharply after the inflation report, up 0.1 percentage points to 4.36 percent, close to its highest level of the year.Wednesday’s drop comes after a bumpy three weeks for traders, with whipsaw swings in stock prices reflecting investors’ struggle to parse the flurry of executive actions taken by President Trump since he returned to the White House for a second term.The S&P 500 has risen roughly 3 percent since the start of the year and has nudged up 1.2 percent since inauguration day, despite the volatility.Impending tariffs are adding to concern about an acceleration in inflation. On Monday, Mr. Trump announced tariffs on foreign steel and aluminum. He has already imposed a 10 percent tariff on Chinese goods, and broad 25 percent tariffs on Canada and Mexico are set to take effect in March, after being delayed for a month.“Rising prices already appear to be a headwind, and the prospect of new trade barriers have the potential to further fuel inflationary pressures by increasing costs for businesses and consumers,” said Jason Pride, chief of investment strategy and research at Glenmede, a wealth management firm. More

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      8 Inspectors General Fired by Trump File Lawsuit Seeking Reinstatement

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      Eight former inspectors general who were summarily fired by President Donald J. Trump last month filed a lawsuit on Wednesday asking a judge to declare their removals illegal and order the government to reinstate them.“The purported firings violated unambiguous federal statutes — each enacted by bipartisan majorities in Congress and signed into law by the president — to protect inspectors general from precisely this sort of interference with the discharge of their critical, nonpartisan duties,” the complaint said.The lawsuit asserts that the plaintiffs remain the lawful inspectors general of their agencies because Mr. Trump’s dismissals broke the law. It asks for an injunction requiring the executive branch to allow them to return to work and awarding them back pay.Four days after Mr. Trump returned to office last month, the White House notified as many as 17 inspectors general in tersely worded emails that they were being terminated because of “changing priorities.”Those were all in direct conflict with statutory restrictions on firing such officials in the Inspector General Act of 1978 and strengthened by lawmakers in the bipartisan Securing Inspectors General Act of 2022.That statute says that before an inspector general is removed, the president must provide Congress with 30 days’ advance notice, including a written explanation with “the substantive rationale, including detailed and case-specific reasons for any such removal.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Hegseth Says Return to Ukraine’s Pre-War Borders Is ‘Unrealistic’

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      A return to Ukraine’s pre-2014 borders is “an unrealistic objective” and an “illusionary goal” in the peace settlement between Ukraine and Russia that President Trump wants to accomplish, the U.S. Defense Secretary, Pete Hegseth, said on Wednesday at a NATO meeting in Brussels.In his first meeting with NATO and Ukrainian defense ministers, Mr. Hegseth told them that Mr. Trump “intends to end this war by diplomacy and bringing both Russia and Ukraine to the table.” But for Ukraine to try to regain all of the territory Russia has seized since 2014, as it insists it must do, “will only prolong the war and cause more suffering,” Mr. Hegseth said. “We will only end this devastating war and establish a durable peace by coupling allied strength with a realistic assessment of the battlefield,” he said.Mr. Hegseth also told the meeting that Mr. Trump expected Europe to bear more financial and military responsibility for Ukraine’s defense.Europe, he said, must take more responsibility for its conventional defense and spend more money on its armed forces, up to 5 percent of national output, as the United States deals with its own security risks and the challenge of China.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Curtails Anti-Corruption Efforts, as Aides Seek End to Eric Adams Case

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      Two nearly simultaneous moves by the Trump administration on Monday signaled a new and far more transactional approach to the Justice Department’s handling of corruption cases.In the evening, President Trump signed an executive order halting investigations and prosecutions of corporate corruption in foreign countries, arguing such cases hurt the United States’ competitive edge. “It’s going to mean a lot more business for America,” he said of his decision to pause enforcement of the Foreign Corrupt Practices Act of 1977.Around the same time, a top Justice Department official directed federal prosecutors in Manhattan to drop bribery charges against Mayor Eric Adams of New York. The stated justification for the demand had nothing to do with the evidence in the case and focused instead on politics.The actions on Monday stunned current and former prosecutors and investigators who said the department was abandoning a tradition of holding public officials, corporate executives and others accountable for corruption in favor of an approach built on political or economic expedience.That same day, Mr. Trump pardoned Rod R. Blagojevich, the former Democratic governor of Illinois who was convicted in 2011 of essentially trying to sell a Senate seat that was vacated by President Barack Obama. Mr. Trump had previously commuted Mr. Blagojevich’s sentence.Trump administration officials have also ordered the shutdown of an initiative to seize assets owned by foreign kleptocrats, dialed back scrutiny of foreign influence efforts aimed at the United States and replaced the top career Justice Department official handling corruption cases.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Enjoying the Pinnacle of Power, Musk Holds Court on Trump’s Stage

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      The president let the spotlight in the Oval Office go to his billionaire friend/budget slasher, who cited blank checks and 150-year-old Social Security beneficiaries to justify purging the federal work force.Three weeks into this administration, hardly a day seems to go by that does not produce a norm-busting moment at the White House. But the scene that played out in the Oval Office on Tuesday afternoon was among the wildest yet.President Trump sat behind the Resolute Desk while Elon Musk stood at his side and attempted to explain, for the first time in public since Inauguration Day, what it is he came to Washington to do.For weeks, he and his Dorito-dusted minions have burrowed deep inside the federal government, tearing the thing apart from within by sending workers packing and shutting down programs and entire agencies, testing if not exceeding the bounds of the law and the Constitution in the process.So far, the only explanations to be had about what they are doing or where they are going next have come in the form of brief or sometimes trolling messages on the social media platform Mr. Musk owns or in opaque statements from administration officials.Dressed all in black, with a dark MAGA hat on his head and his young son fidgeting by his side or on his shoulders, Mr. Musk, seeming quite jolly about finding himself at the very pinnacle of power, sought on Tuesday to justify pushing tens of thousands of federal employees out the door by casting them as a collection of unelected and unaccountable managers of a wasteful and corrupt bureaucracy.Workers overseeing contracts were mysteriously getting rich, he asserted without any backing details or evidence. Social Security was paying benefits to 150-year-olds. Taxpayers were being gouged.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More