NEW YORK (AP) — President Trump nominated Stuart Levenbach as the next director of the Consumer Financial Protection Bureau on Wednesday, using a legal maneuver to keep his budget director Russell Vought as acting director of the bureau while the Trump administration continues on its plan to shut down the consumer financial protection agency.

Levenbach is currently an associate director inside the Office of Management and Budget, handling issues related to natural resources, energy, science and water issues. Levenbach’s resume shows significant experience dealing with science and natural resources issues, acting as chief of staff of the National Oceanic and Atmospheric Administration during Trump’s first term.

Levenbach’s nomination is not meant to go through to confirmation, an administration official said, speaking on condition of anonymity to discuss personnel matters. Under the Vacancies Act, Vought can only act as acting director for 210 days, but now that Trump has nominated someone to the position, that clock has been suspended until the Senate approves or denies Levenbach’s confirmation as director. Vought is Levenbach’s boss.

The CFPB has been nonfunctional much of the year. Many of its employees have been ordered not to work, and the only major work the bureau is doing is unwinding the regulations and rules it put into place during Trump’s first term and during the Biden administration.

While in the acting director role, Vought has signaled that he wishes to dismantle, or vastly diminish, the bureau.

The latest blow to the bureau’s future came earlier this month, when the White House said it does not plan to withdraw any funds from the Federal Reserve, which is where the bureau gets its funding, to fund the bureau past Dec. 31.

The White House and the Justice Department are using a legal interpretation of the law that created the bureau, the Dodd-Frank Act, that the Fed must be profitable in order to fund the CFPB’s operations. Since roughly 2022, the Fed has been cash-flow negative since it owns bonds from the COVID-19 pandemic that pay very low interest but must pay out higher interest to the banks that deposit reserves with it. This means, on paper, the Fed is not earning a profit at the moment and therefore has no money to allot to the CFPB.

Several judges have rejected this argument when it was brought up by companies, but it’s never been the position of the government until this year that the CFPB requires the Fed to be profitable to provided the CFPB with operating funds.

“Donald Trump’s sending the Senate a new nominee to lead the CFPB looks like nothing more than a front for Russ Vought to stay on as Acting Director indefinitely as he tries to illegally close down the agency,” said Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, in a statement.

The bureau was created after the 2008 financial crisis as part of the Dodd-Frank Act, a law passed to overhaul the financial system and require banks to hold more capital to avoid another financial crisis. The CFPB was created to be a independent advocate for consumers to help them avoid bad actors in the financial system.

WASHINGTON (AP) — President Donald Trump on Tuesday dismissed U.S. intelligence findings that Crown Prince Mohammed bin Salman likely had some culpability in the 2018 killing of Washington Post journalist Jamal Khashoggi as Trump warmly welcomed the de facto ruler of Saudi Arabia on his first White House visit in seven years.

The U.S.-Saudi relationship had, for a time, been sent into a tailspin by the operation targeting Khashoggi, a fierce critic of the kingdom.

But seven years later, the dark clouds over the relationship have been cleared away. And Trump is tightening his embrace of the 40-year-old crown prince, who he said is an indispensable player in shaping the Middle East in the decades to come.

Trump in his defense of the crown prince derided Khashoggi as “extremely controversial” and said “a lot of people didn’t like that gentleman.” Prince Mohammed denies involvement in the killing of Khashoggi, who was a Saudi citizen and Virginia resident.

“Whether you like him or didn’t like him, things happen,” Trump said when asked about the killing by a reporter during an Oval Office appearance with Prince Mohammed. “But (Prince Mohammed) knew nothing about it. And we can leave it at that. You don’t have to embarrass our guest by asking a question like that.”

But U.S. intelligence officials determined that the Saudi crown prince likely approved the killing by Saudi agents of U.S.-based journalist inside the Saudi consulate in Istanbul , according to U.S. findings declassified in 2021 at the start of the Biden administration. Trump officials, during his first administration, refused to release the report.

Prince Mohammed said Saudi Arabia “did all the right steps” to investigate Khashoggi’s death.

“It’s painful and it’s a huge mistake,” he said.

Trump, who said the two leaders have become “good friends,” even commended the Saudi leader for strides made by the kingdom on human rights without providing any specific detail.

New investment from Saudis

The crown prince for his part announced Saudi Arabia was increasing its planned investments in the U.S. to $1 trillion, up from $600 billion that the Saudis announced they would pour into the United States when Trump visited the kingdom in May.

Echoing rhetoric that Trump likes to use, the crown prince called the U.S. the “hottest country on the planet” for foreign investment.

“What you’re creating is not about an opportunity today. It’s also about long-term opportunity,” Prince Mohammed said.

Trump’s family has a strong personal interest in the kingdom. In September, London real estate developer Dar Global announced that it plans to launch Trump Plaza in the Red Sea city of Jeddah.

It’s Dar Global’s second collaboration with the Trump Organization, the collection of companies controlled by the U.S. president’s children, in Saudi Arabia.

Trump pushed back on suggestions that there could be a conflict of interest in his family’s dealings with the Saudis.

“I have nothing to do with the family business,” Trump said.

Trump’s comments about Khashoggi’s killing and defense of his family’s business in Saudi Arabia were blasted by human rights and government oversight activists.

Human rights groups say Saudi authorities continue to harshly repress dissent, including by arresting human rights defenders, journalists and political dissidents for criticism against the kingdom. They also note a surge in executions in Saudi Arabia that they connect to an effort to suppress internal dissent.

“President Trump has Jamal Khashoggi’s blood on his hands,” said Raed Jarrar, advocacy director for DAWN, a U.S.-based group advocating for democracy and human rights in the Arab world that was founded by Khashoggi.

Rolling out the red carpet

Trump warmly received Prince Mohammed when he arrived at the White House Tuesday morning for a pomp-filled arrival ceremony that included a military flyover and a thundering greeting from the U.S. Marine band.

Technically, it wasn’t a state visit, because the crown prince is not the head of state. But Prince Mohammed has taken charge of the day-to-day governing for his father, King Salman, 89, who has endured health problems in recent years.

Later, Trump and first lady Melania Trump welcomed the crown prince for a black-tie dinner in the White House East Room. The boldface names who attended included Nvidia CEO Jensen Huang, tech entrepreneur Elon Musk and soccer star Cristiano Ronaldo.

Trump at the dinner announced he was designating Saudi Arabia as a major non-NATO ally. The designation, while largely symbolic, provides foreign partners with certain benefits in the areas of defense, trade and security cooperation.

The president also announced that the two leaders had signed a new defense agreement, but the White House did not immediately release details of the pact. Ahead of the visit, the Saudis had signaled they were looking for formal assurances from Trump defining the scope of the U.S. military protection for the kingdom.

“A stronger and more capable alliance will advance the interests of both countries,” Trump said. “And it will serve the highest interest of peace.”

Fighter jets and business deals

On the eve of Prince Mohammed’s arrival, Trump announced he had agreed to sell the Saudis F-35 fighter jets despite some concerns within the administration that the sale could lead to China gaining access to the U.S. technology behind the advanced weapon system. The White House announced the two leaders formalized the F-35 agreement Tuesday as well as a deal for the Saudis to purchase nearly 300 tanks from the U.S.

They also signed agreements signifying closer cooperation on capital markets and critical minerals markets, as well as efforts against money laundering and terrorist financing.

Trump’s announcement on the fighter jets was surprising because some in the Republican administration have been wary about upsetting Israel’s qualitative military edge over its neighbors, especially at a time when Trump is depending on Israeli support for the success of his Gaza peace plan.

Abraham Accord talks

The visit comes at a moment when Trump is trying to nudge the Saudis toward normalizing relations with Israel.

The president in his first term had helped forge commercial and diplomatic ties between Israel and Bahrain, Morocco and the United Arab Emirates through an effort dubbed the Abraham Accords.

Trump sees expansion of the accords as essential to his broader efforts to build stability in the Middle East after the two-year Israel-Hamas war in Gaza. Getting Saudi Arabia — the largest Arab economy and the birthplace of Islam — to sign on would spur a domino effect, he argues.

But the Saudis have maintained that a path toward Palestinian statehood must first be established before normalizing relations with Israel can be considered. The Israelis remain steadfastly opposed to the creation of a Palestinian state.

“We want to be part of the Abraham Accords, but we want also to be sure that we secure a clear path of a two-state solution,” Prince Mohammed said.

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AP writers Josh Boak, Fatima Hussein, Seung Min Kim, Michelle L. Price and Darlene Superville contributed to this report.

NEW YORK (AP) — President Donald Trump denounced ABC News’ Mary Bruce as a “terrible reporter” Tuesday and threatened the network’s license to broadcast after she asked him three sharp questions at the White House.

The network’s chief White House correspondent was among reporters let into the Oval Office to question the president and Saudi Crown Prince Mohammed bin Salman. She asked Trump whether it was appropriate for his family to be doing business in Saudi Arabia while he was president.

Before he could answer, she directed a question to the Saudi leader: “Your Royal Highness, the U.S. intelligence concluded that you orchestrated the brutal murder of a journalist. 9/11 families are furious that you are here in the Oval Office. Why should Americans trust you? And the same to you, Mr. President.”

After asking Bruce who she worked for, Trump called ABC “fake news” and defended his family’s business operations in Saudi Arabia.

The president dismissed the U.S. intelligence findings that the prince likely had some culpability in the 2018 killing of Washington Post journalist Jamal Khashoggi, a critic of the Saudi kingdom. He said “a lot of people didn’t like” Khashoggi, a Saudi citizen and a Virginia resident.

For his part, Prince Mohammed said Khashoggi’s death was painful and “a huge mistake.”

Trump later criticized Bruce for asking the prince a “horrible, insubordinate and just a terrible question.” He laced into her after a third query, about why the White House is waiting for congressional action to release more details about sex offender Jeffrey Epstein’s correspondence. “Why not just do it now?” Bruce asked.

“It’s not the question that I mind,” Trump said. “It’s your attitude. I think you are a terrible reporter. It’s the way you ask these questions.”

After addressing the Epstein question, he returned to Bruce, saying that “people are wise to your hoax.”

“I think the license should be taken away from ABC because your news is so fake and it’s so wrong,” he said. “And we have a great (FCC) commissioner, the chairman, who should look at that because I think when you come in and you’re 97% negative to Trump. And then Trump wins the election in a landslide. That means, obviously, your news is not credible. And you’re not credible as a reporter.”

ABC News had no comment Tuesday on Trump’s statements, which referred to FCC Chairman Brendan Carr, who leads the federal agency responsible for licensing local broadcast stations.

Meanwhile, Bloomberg News issued a comment on Trump referring to one of its reporters, Catherine Lucey, as “piggy” during a question-and-answer session last Friday on Air Force One.

“Our White House journalists perform a vital public service, asking questions without fear or favor,” Bloomberg News said. “We remain focused on reporting issues of public interest fairly and accurately.”

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David Bauder writes about the intersection of media and entertainment for the AP. Follow him at http://x.com/dbauder and https://bsky.app/profile/dbauder.bsky.social