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President Trump has named Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau (CFPB).

Bessent will take the leadership role from Rohit Chopra, the Biden administration’s appointee for the CFPB director who was fired on Saturday. In a statement, Bessent said, “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.”

The Wall Street Journal reports that Bessent sent an email to the CFPB staff ordering them to stop most of the bureau’s ongoing work, including enforcement actions and decisions about active litigation. The email also directed to staff to “suspend the effective dates for rules that had been finalized, but aren’t yet in effect,” according to the Journal.

This marks the second time that Trump tapped into a Cabinet member to run the CFPB when the directorship was vacant. During the first Trump administration, the president appointed Mick Mulvaney, the director of the Office and Budget Management, to serve as acting director of the CFPB under the Federal Vacancies Reform Act of 1998 (FVRA), which allows for the president to appoint an interim replacement without Senate confirmation. Mulvaney served as acting CFPB director for over a year before Kathy Kraninger was installed as a full-time director.