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Trump’s Billionaire Buddy Halts Work at Federal Consumer Protection Agency

Treasury Secretary Scott Bessent is now leading the Consumer Financial Protection Bureau on an acting basis after its previous director was fired Saturday.

President Donald Trump’s Treasury Secretary Scott Bessent has been tapped to direct the Consumer Financial Protection Bureau on an acting basis. In a staff email obtained by The Washington Post, Bessent and his aides reportedly instructed employees to immediately stop the bureau’s current work including drafting regulations, conducting reviews, and providing “public communications of any type.” The bureau acts as a corporate watchdog and was previously led by Rohit Chopra before he was laid off on Saturday by the Trump team. The email adds that the halt was made in order “to promote consistency with the goals of the Administration.” In a statement, Bessent shared: “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.” Trump has yet to nominate a permanent director for the CFPB, which requires Senate confirmation.