Trump Installs Loyalist Bessent as Acting CFPB Chief Amid Controversial Transition

President Trump appointed Scott Bessent as the acting head of the Consumer Financial Protection Bureau, following Rohit Chopra's dismissal. Bessent aims to advance Trump's economic agenda, potentially reversing previous policies under Chopra. Speculations arise about the agency's future amid Republican efforts to control or defund it.

President Donald Trump on Monday appointed Scott Bessent, the newly confirmed Treasury Secretary, as the acting head of the Consumer Financial Protection Bureau (CFPB) following the dismissal of Director Rohit Chopra last week. This strategic appointment places a loyalist in charge of an agency long criticized by Republicans.

Rohit Chopra's tenure was marked by aggressive enforcement of consumer finance laws, often clashing with the tech and banking sectors over issues like digital wallet oversight and credit card fees. Bessent expressed his commitment to furthering Trump's economic agenda.

As Bessent assumes control, signals of policy shifts have emerged. CFPB lawyers have been instructed not to appear in court except to request pauses in proceedings. The agency faces potential funding challenges, amid Republican pledges to slash or seize control of its budget, which is currently protected by the Federal Reserve.