Scott Bessent has assumed the position of acting director at the Consumer Financial Protection Bureau, as announced by the agency on Monday.
During his tenure, Bessent will lead the agency until a permanent director is appointed and confirmed. Following the dismissal of Rohit Chopra, the Biden appointee who oversaw the bureau since October 2021, President Donald Trump appointed Bessent to steer the CFPB.
Commitment to Economic Growth
In a statement, Bessent expressed his commitment to furthering President Trump’s objectives of reducing costs for Americans and fostering economic expansion.
Historically, Republicans have voiced concerns regarding the CFPB, viewing it as a regulatory body with excessive authority and lacking accountability. Bessent is poised to initiate a comprehensive review of the array of regulations and enforcement measures introduced by Chopra as he exited the bureau.
Insights on the CFPB
Despite scant references to his stance on the CFPB, Bessent provided insights in an 81-page document in response to inquiries from the Senate Finance Committee before his confirmation as Treasury secretary.
When prompted about the bureau’s potential abolition, Bessent emphasized its legislative establishment by Congress. He expressed readiness to collaborate with the incoming CFPB director to ensure the bureau effectively fulfills its statutory obligations.
