Republican presidential nominated former President Donald Trump, left, listens as investor Scott Bessent talks about the economy in Asheville, NC, Wednesday, August 14, 2024.
Matt Kelley | AP
President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after the former head of Rohit Chopra at the weekend.
Bessent, a former hedge fund manager who was confirmed last week as head of the American treasury, will probably lead the CFPB until a permanent choice is called.
“I look forward to working with the CFPB to promote President Trump's agenda to lower the costs for the American people and to speed up economic growth,” said Bessent in a CFPB statement released on Monday.
Chopra, who was appointed by former President Joe Biden in 2021, was often in Loggerheads with the American banking sector after he had insisted on drastically curbing the practices of the credit card, in addition to many other efforts. Trade groups representing banks fought these regulations in court and wagon rules that Americans would have saved billions of dollars in reimbursements, but that industry was poorly considered or called unjustified.
Bank groups had expected Chopra to be fired as soon as Trump's inauguration day, but Chopra continued to go for almost two weeks in Trump's second term, and continued to fire releases and weigh on hot button topics, including whether banks locked unfairly.
Only on 1 February did Chopra confirm that he would take off the desk. While Chopra's term of office was planned to walk for about two years, a statement by the Supreme Court of 2020 gave the president the authority to dismiss the head of the agency as desired.
In a letter to Trump posted on Social Media Platform X, Chopra said he saw a path for the next CFPB leader to implement 'meaningful reforms', including a possible limit for Creditcardedrente.
The CFPB was founded in the aftermath of the worldwide financial crisis of 2008, which was partly caused by the irresponsible credit and securitization practices of banks.
But since then, the agency has been the target of trade groups that have in vain that the financing of the CFPB has violated the American constitution, and more recently by conservative figures, including X -owner and Trump adviser Elon Musk, who has summoned to close the CFPB.
The Consumer Bankers Association said on Monday that it was “satisfied” at the appointment of Bessent on the CFPB, and that berry should take steps to turn “part -time policy”, made under Chopra.
“We hope that Besent Secretary will take into account the Real-World consequences for the regulations of America, the millions of consumers they serve and the economy as a whole,” said CBA president Lindsey Johnson.
