Trump Appoints Treasury Secretary Bessent to Overhaul Consumer Watchdog Agency
Scott Bessent halts CFPB operations, signaling potential rollback of regulations enacted under the Biden administration.
- President Donald Trump has appointed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB) following the dismissal of Rohit Chopra.
- Bessent immediately froze CFPB activities, including rulemaking, enforcement actions, investigations, and public communications, pending a review aligned with the administration's goals.
- The CFPB, established in 2010 to protect consumers from financial industry abuses, has faced criticism from Republicans and industry leaders for its regulatory approach under Chopra.
- Key regulations paused include limits on overdraft fees and medical debt reporting, with lawsuits involving major banks also left in limbo.
- Critics, including Senator Elizabeth Warren, warn that these changes could weaken consumer protections and leave Americans vulnerable to corporate misconduct.
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