Trump names Treasury’s Scott Bessent Working Head after firing Chopra

President Donald Trump has made Treasury Secretary Scott Bessent to the acting director of The consumer’s financial protection agency After firing the former head Rohit Chopra this weekend.

Bessent, a former hedge fund manager who was confirmed as head of the US Treasury last week, will probably lead CFPB until a permanent election is named.

“I look forward to working with CFPB to promote President Trump’s agenda to lower the cost of the American people and accelerate economic growth,” Bessent said in a CFPB declaration Published Monday.

Chopra, who was appointed by former President Joe Biden in 2021, was often on logger heads with the US banking industry after pushing to drastically empty the practice of credit card late fees and cover fees, among many other efforts. Trade groups representing banks fought for these rules in court, averted rules that would have saved Americans billions of dollars in fees, but that the industry called poorly considered or unjustified.

Bank groups expected Chopra to be fired as soon as Trump’s inauguration day but Chopra remained for almost two weeks in Trump’s second period and continued to shoot off Releases And weigh on topics with Hot-Button, including about banks unfairly closed accounts.

It was not until February 1st that Chopra confirmed he was stepping down from the agency. While Chopra’s period was scheduled to run for about two years, a Supreme Court in 2020 decision gave the president the power to shoot the agency’s head as desired.

In a letter to Trump Sent To Social Media Platform X, Chopra said he saw a path for the next CFPB leader to adopt “meaningful reforms”, including a possible cap on credit cards.

CFPB was established in the wake of the global financial crisis in 2008, which was partly caused by Banks’ irresponsible lending and security practices.

But the Agency has since been targeted by trading groups that without success claimed that CFPB’s financing violated The US Constitution and Recently by Conservative Figures including X Owner and Trump -Advisor Elon Musk, who has called on to closure of CFPB.

The Consumer Banking Association said on Monday that it was “joyful” at Bessent’s appointment at CFPB, and that Bessent should take steps to reverse “party policies” made under Chopra.

“We are hopeful that Secretary Bessent will take into account the rules of the real world of having for America’s leading banks, the millions of consumers they serve, and the economy as a whole,” said CBA President Lindsey Johnson.