President Donald Trump on Monday announced that Treasury Secretary Scott Bessent will serve as acting director of the Consumer Financial Protection Bureau following his firing of former head Rohit Chopra last weekend.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Bessent, a former hedge fund manager, in a statement released by the bureau on Monday.
The Wall Street Journal reports that Bessent released an email to CFPB staff on Monday telling them to discontinue much of the bureau’s work on enforcement and active litigations and to suspend the dates at which new rules still being completed will take effect.
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