Trump Names Treasury Secretary Scott Bessent Acting Head of CFPB after Firing Chopra

Presiding Donald Trump Has made treasury secretary Scott Bessent The acting director of the Consumer Financial Protection Bureau After Firing Former Head Rohit Chopra Over the Weekend.

Bessent, a former hedege fund manager who was confirmed as head of the US treasury last week, will presumally lead the cfpb until a permanent pick is named.

“I look forward to working with the cfpb to advance president trump’s ageda to lower costs for the american people and accelerate Economic Growth,” Bessent said in a cfpb statement Released Monday.

Chopra, who was appointed by former president joe biden in 2021, was often at loggerheads with the US banking industry after after pushing to drying to dry credit card Late Fees and overdraft Fees, Among Many other effortsTrade Groups Represting Banks fought These regulations in court, finger off rules that would’ve saved americans bills of dollars in fees, but that the industry called poorely considered or unjustified.

Banking Groups Had Expected Chopra to Be Fired as Soon as Trump’s Inauration Day, but Chopra Remained on For Nearly two weeks into trump’s second term, continuing to fire off relevas And weigh in on hot-babutton topics including whither banks unfairly closed accounts.

It wasn’t until Feb. 1 that chopra confirmed he was stepping down from the agency. While Chopra’s term was scheduled to run for roughly another two years, a 2020 supreme court ruling Gave the President the power to fire the agency’s head at will.

In a letter to trump posted To social media platform x, chopra said that he saw a path for the next cfpb lead “meaningful reforms,” ​​Including a posesible Cap On Credit Card Interest Rates.

The cfpb was created in the aftermath of the 2008 Global Financial Crisis, which was caused in part by banks’ Irresponsible lending and securitization practices.

But the agency has been targeted by trade groups who unsuccessfully argued that the CFPB’s Funding Violated The us constitution, and more recently by conservative figures including x owner elon musk, who has called for the closure of the CFPB.

The consumer bankers association said Monday it was “pleased” at Bessant’s appointment at the cfpb, and that bessent should take take step steps to reverse “Partisan Policies” Made UNDER Chopra.

“We’re hopful that secretary bessent will take into account the real-will Ramifications regulations from Ent Lindsey Johnson.