President Donald Trump appointed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau, Bessent announced Monday. Former Director Rohit Chopra, appointed by President Joe Biden in 2021, confirmed his departure on Saturday. Bessent, a former hedge-fund manager, will lead the CFPB until a permanent director is named. Banking groups, which had opposed Chopra’s consumer-focused regulations, welcomed the transition, and the Consumer Bankers Association urged Bessent to reverse “partisan policies.” The CFPB was created after the 2008 financial crisis. It has faced legal and political challenges, including calls for its elimination from conservative figures such as Elon Musk.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump appointed Treasury Secretary Scott Besent as acting director
00:06of the Consumer Financial Protection Bureau. Besent announced this Monday. Former Director
00:11Rohit Chopra, appointed by Joe Biden in 2021, confirmed his departure this Saturday. Besent,
00:17a former hedge fund manager, will lead the CFPB until the permanent director is named.
00:24Banking groups which had opposed Chopra's consumer-focused regulations
00:28welcomed the transition, and the Consumer Bankers Association
00:32urging Besent to reverse partisan policies. The CFPB was created after the 2008 financial crisis.
00:39It has faced legal and political challenges, including calls for its elimination from
00:43conservative figures such as Elon Musk. For all things money, visit Benzinga.com.