Republican statesmanlike nominee erstwhile President Donald Trump, left, listens arsenic capitalist Scott Bessent speaks connected the system successful Asheville, N.C., Wednesday, Aug. 14, 2024.
Matt Kelley | AP
President Donald Trump has made Treasury Secretary Scott Bessent the acting manager of the Consumer Financial Protection Bureau aft firing erstwhile caput Rohit Chopra implicit the weekend.
Bessent, a erstwhile hedge money manager who was confirmed arsenic caput of the U.S. Treasury past week, volition presumably pb the CFPB until a imperishable prime is named.
"I look guardant to moving with the CFPB to beforehand President Trump's docket to little costs for the American radical and accelerate economical growth," Bessent said successful a CFPB statement released Monday.
Chopra, who was appointed by erstwhile President Joe Biden successful 2021, was often astatine loggerheads with the U.S. banking manufacture aft pushing to drastically rein successful practices astir credit card precocious fees and overdraft fees, among galore other efforts. Trade groups representing banks fought these regulations successful court, fending disconnected rules that would've saved Americans billions of dollars successful fees, but that the manufacture called poorly considered oregon unjustified.
Banking groups had expected Chopra to beryllium fired arsenic soon arsenic Trump's inauguration day, but Chopra remained connected for astir 2 weeks into Trump's 2nd term, continuing to occurrence disconnected releases and measurement successful connected hot-button topics including whether banks unfairly closed accounts.
It wasn't until Feb. 1 that Chopra confirmed helium was stepping down from the agency. In a missive to Trump posted to societal media level X, Chopra said that helium saw a way for the adjacent CFPB person to enact "meaningful reforms," including connected a imaginable headdress to recognition paper involvement rates.
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