Trump Appoints Bessent as Acting CFPB Director After Chopra's Dismissal

President Trump has appointed Scott Bessent, the recently confirmed Treasury Secretary, as the acting director of the Consumer Financial Protection Bureau (CFPB) following the dismissal of Rohit Chopra. Bessent aims to advance Trump's agenda of lowering costs for Americans and accelerating economic growth, although it's unclear if a permanent replacement for Chopra will be sought. Critics of Chopra's tenure have argued that the CFPB's recent regulations have increased costs and limited choices for consumers, with calls for Bessent to reverse these changes. Supporters of Bessent, including financial policy advocates, view his appointment as a positive step towards deregulation and reducing red tape at the CFPB. The CFPB, created in the wake of the 2008 financial crisis, has faced scrutiny for its regulatory practices, and Bessent's leadership is expected to focus on reviewing and potentially rescinding controversial rules implemented under Chopra. The agency's future direction remains uncertain as the political landscape continues to evolve.