Treasury Secretary Scott Bessent will serve as the acting director of the Consumer Financial Protection Bureau (CFPB). President Trump appointed Bessent to the role following the resignation of former Director Rohit Chopra. Republicans have long criticized the CFPB's regulatory approach to the financial services industry.
Treasury Secretary Scott Bessent will assume the role of acting director of the Consumer Financial Protection Bureau ( CFPB ), as announced by the agency on Monday. Bessent expressed his eagerness to collaborate with the CFPB in advancing President Trump's agenda, focusing on reducing costs for Americans and fostering economic growth. The CFPB 's announcement confirmed that President Donald Trump had appointed Bessent as the agency's acting director on Friday.
This follows a letter penned by former CFPB Director Rohit Chopra on Saturday, stating his departure from the agency's leadership. Bessent's confirmation as Treasury secretary occurred last week, securing a bipartisan 68-29 Senate vote. At 62 years old, Bessent served as a pivotal economic policy advisor to the Trump campaign prior to his nomination for the Cabinet position. Longstanding criticism from Republicans has targeted the CFPB for its assertive approach to regulating the financial services industry. The agency also faced a legal challenge questioning the constitutionality of its funding structure, which ultimately reached the Supreme Court. The court ruled in favor of the agency, affirming the constitutionality of its funding mechanism. During his confirmation process, Bessent responded to a questionnaire from senators regarding his stance on the CFPB's potential abolition. In his response, he stated, 'The CFPB was created by legislation passed by Congress. I look forward to working with the incoming director of the CFPB as appropriate to ensure that the Bureau can be effective at fulfilling its statutory mission.'The duration of Bessent's tenure as acting director of the CFPB and the Trump administration's plans for nominating a new director remain unclear. Chopra could have continued his role as the agency's leader, as he was in the third year of a five-year term slated to end in 2026. However, he had previously indicated his willingness to step down if requested by the new president. The Supreme Court's 2020 ruling established that the CFPB director holds an at-will employment status. Billionaire Elon Musk, entrusted by Trump to lead the Department of Government Efficiency (DOGE), hinted at the possibility of eliminating the agency in an X post. Musk wrote, 'Delete CFPB. There are too many duplicative regulatory agencies.'
CONSUMER FINANCIAL PROTECTION BUREAU CFPB SCOTT BESSENT TREASURY SECRETARY ELON MUSK DEPARTMENT OF GOVERNMENT EFFICIENCY DOGE ROHIT CHOPRA REGULATORY AGENCIES
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