In 24 words, the new acting director of the federal consumer financial protection agency Monday outlined his approach to leading the agency on a part-time basis – as he also remained secretary of the Treasury.
Later Monday, the Washington Post reported that the new acting director of the Consumer Financial Protection Bureau (CFPB) sent an email to agency staff ordering them to “cease all work to craft regulations, enforce its rules, conduct investigations or provide ‘public communications of any type,’ citing a need to ‘promote consistency’ with the goals of the new administration.”
In the earlier email, Treasury Secretary Scott Bessent said he looked forward “to working with the CFPB (Consumer Financial Protection Bureau) to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth.”
According to the terse (two paragraph) press release issued by the agency, Bessent was designated acting CFPB director Jan. 31 by President Donald Trump (R ). He continues, at the same time, his job as Treasury secretary. The Senate confirmed him to that job Jan. 27.
The previous director, Rohit Chopra, was fired by Trump Feb. 1. He had served since 2021 after being nominated by then-President Joe Biden (D). According to the Associated Press, Chopra was notified of his firing in an email.
Also according to the AP, Chopra posted a message on social media Feb. 1 about his departure. He thanked people across the country who “shared their ideas and experiences” with the agency.
Chopra was serving a five-year term when he was fired. However, the U.S. Supreme Court ruled in 2020 that the agency’s director could be fired without cause by the president.
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