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.
Sen. Ted Cruz, R-Texas, previously announced plans to cut the bureau's funding, calling it "an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions."
Democrats, including Sen. Elizabeth Warren, D-Mass., who helped establish the CFPB, have vowed to fight attempts to limit or eliminate the bureau.
"If President Trump and the Republicans decide they are just going to bend a knee to Wall Street billionaires and try to destroy that agency, they're going to have a fight on their hands," Warren said in a video released on social media on Saturday.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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