Steering the country toward another potential financial crisis, the Trump administration has moved to completely gut the federal regulatory agency tasked with reining in the very financial institutions currently making the president’s allies rich.

The president’s attacks on the government’s financial regulator are a stunning about-face from 2016, when Trump first campaigned on reinstating tough banking regulations.

The Consumer Financial Protection Bureau (CFPB) was established in the wake of the 2008 financial collapse to protect Americans from abusive lending practices, supervise new financial products, and shore up the nation’s economic system.