Scott Bessent, confirmed as Treasury Secretary, has been appointed acting director of the Consumer Financial Protection Bureau (CFPB), replacing Rohit Chopra. Bessent's position reflects a business-friendly approach to consumer finance, aligning with President Trump's agenda. Chopra, known for taking a strong stance against big banks, implemented regulations like capping credit card fees and banning medical debt from credit reports. Consumer advocates criticize Bessent's appointment, arguing it compromises consumer protection by favoring corporate interests, while banking representatives show support, anticipating a rollback of Chopra's regulations.
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.
While [Trump] parades a crowd of corporate lobbyists, billionaire donors, and Wall Street insiders like Scott Bessent to lead our country, we're looking at the end of basic protections for American consumers.
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