(Bloomberg) -- Senator Elizabeth Warren said that President Donald Trump’s moves to dramatically cut federal regulatory agencies would leave consumers and markets vulnerable to fraud and corruption, magnifying vulnerabilities to a financial system already beset by uncertainty in the face of the White House’s tariffs.

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“Trump at every turn is trying to put deregulators in place across the whole financial services space, and that is really dangerous,” Warren, a Massachusetts Democrat who helped create the Consumer Financial Protection Bureau, said in an interview with Bloomberg News.

Warren spoke as the Trump administration moved to implement mass layoffs at the CFPB on Thursday. A legal filing by the union representing the consumer bureau’s staff estimated that some 1,500 of the CFPB’s 1,700 staff could be fired.

A federal judge in Washington DC said Friday that the CFPB may not proceed with agencywide job cuts while the court weighs whether the terminations would violate an earlier injunction blocking the agency from shutting down.

At the Securities and Exchange Commission, about 500 employees have taken deferred resignation and buyout offers as part of the president’s efforts to downsize the federal workforce. The SEC has already dropped a number of high-profile enforcement cases related to cryptocurrency and deferred or eliminated rules implemented during the Biden Administration.

“Now the cops are gone,” Warren said.

Trump and senior officials have argued his efforts to reduce the size and scope of the federal government are eliminating wasteful spending that contributes to the nation’s deficits and removing regulations that slow economic growth.

The CFPB, in particular, has long been a target of Republicans who have accused the agency of overstepping its authority and imposing burdensome regulations.

Trump’s administration, in an effort led by billionaire adviser Elon Musk’s Department of Government Efficiency and Office of Management and Budget chief Russ Vought, have begun to dramatically dismantle the agency, suspending its work overseeing financial companies and shuttering its Washington DC headquarters. The DOGE team’s actions at agencies across the government have sparked a wave of lawsuits, including over efforts to dismiss CFPB’s staff and access its computer systems.