Trump cuts staff from financial watchdog office: report

About 40 staff members at the Office of Financial Research were told they are losing their jobs on Wednesday, according to Reuters.

The office, part of the Treasury Department and created as part of the the Dodd-Frank legislation, is tasked with identifying financial risks and stress on global financial markets.

The move was part of the administration's larger plan to vastly reorganize the structure of the federal government, as announced in June. President Trump proposed slashing the office's budget and slashing employees last May.

The Wall Street Journal reported in December that cuts were expected.