Scott Bessent, former Treasury Secretary, has assumed the position of acting director at the Consumer Financial Protection Bureau (CFPB), as announced by the agency on Monday. Bessent's appointment comes following the dismissal of Rohit Chopra, the Biden appointee who had been leading the agency since October 2021.
Transition in Leadership
During his tenure, Bessent will oversee the operations of the CFPB until a permanent director is nominated and confirmed. In a statement, Bessent expressed his commitment to advancing President Trump's agenda by reducing costs for American consumers and fostering economic growth.
Review of Agency's Oversight
With Republicans voicing concerns about the CFPB's regulatory scope, Bessent is expected to conduct a comprehensive review of the bureau's existing rules and enforcement measures. This evaluation will likely encompass a reassessment of policies put forth by Chopra before his departure.
Stance on CFPB's Future
Despite limited public statements on his views regarding the CFPB, Bessent provided insights during his confirmation process as Treasury secretary. When questioned about the possibility of abolishing the bureau, he emphasized the importance of adhering to the legislative mandate that established the CFPB. Bessent expressed willingness to collaborate with the incoming director to ensure the bureau effectively fulfills its statutory obligations.
As the acting director of the CFPB, Bessent's leadership will shape the regulatory landscape and influence the bureau's strategic direction in alignment with the administration's priorities.