Legal experts said that unwinding a civil rights-era bulwark designed to safeguard employees’ rights removes a crucial check on institutional power.

President Donald Trump has said it more than once—the Consumer Financial Protection Bureau is no more. Calling it “the ultra-left CFPB,” Trump said he moved to shut down the agency after receiving calls from bankers and loan officers who were “almost crying” over its regulations.

Vincent Mortier, chief investment officer of Amundi, which manages 2.2 trillion euros ($2.312 trillion) in assets, called the move “a big, big mistake” in an interview with the Financial Times, saying that the proper functioning of U.S. markets depends fundamentally on trust from investors.

KPMG also quietly removed its annual transparency reports which detailed the company's efforts to increase hiring among women and minority groups.

In a setback for Trump’s anti-DEI purge, a judge said the orders would “likely” be found to violate the First Amendment.

The plaintiffs argued that the president’s edicts against diversity, equity and inclusion initiatives exceeded his authority and violate their constitutional right to due process.