Treasury Secretary Bessent Named CFPB Acting Director
Posted: Feb 05 2025
President Trump has designated Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau following the termination of former Director Rohit Chopra last week.
Bessent was confirmed by the Senate as treasury secretary last week. Trump has yet to announce his long-term plans for the CFPB, but he and other Republican lawmakers have been critical of the bureau in the past. The Washington Post, citing a staff email it obtained, said Bessent ordered CFPB staff to cease all work on crafting regulations, enforcing rules and communicating with the public, citing the need to promote consistency with the Trump administration’s goals.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said in a statement