Federal Reserve Chair Jerome Powell said insurance companies and banks are already pulling out of disaster-prone areas, which could pose problems.

The White House has tapped former Federal Deposit Insurance Corp. Director Jonathan McKernan to lead the Consumer Financial Protection Bureau and attorney Jonathan Gould to lead the Office of the Comptroller of the Currency late Tuesday.

In comments to reporters, Sen. Elizabeth Warren, D-Mass., underscored what she said was a conflict of interest between Elon Musk's DOGE's actions at the Consumer Financial Protection Bureau and his business interests with X Money.

The government-sponsored enterprises were not meant to remain in conservatorship permanently, but privatizing them once again must include a new set of rules that minimize market disruptions and maximize their focus on making homeownership affordable.

The Federal Reserve governor said regulators have stifled the banking system's ability to experiment with emerging technologies.

The president's rough-and-tumble trade negotiations have throttled financial markets, causing investors to flock to the safety of dollars and Treasuries. But some economists say this style of policymaking could have hurt the U.S.'s safe haven status in the long run.

Some mortgage stakeholders say Trump's tariffs would make interest rates rise and housing costs shoot up.

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 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.