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.
S*** show. Full authoritarian take-over under way.
yes, and those who didn’t vote for Trump knew this was coming.
Order is coming to our country. Thank God.
Response to widespread anarchy.
Maybe mayor Pete could do the job. He isn’t that busy. Or Janet Yellen. She could tell us that Consumer Protection is just transitional. Or Mayorkis. He could tell us that Consumer Protection is secure.
Hurray! Another win for the good guys!
The loser is the consumer. The CFPB was put in place to monitor and control illegal activity in mortgage and real estate purchases. This was done after the last mortgage/foreclosure crisis in 2008-2012 – when “bad actors” gave bad loans that sent millions into foreclosure and called real estate values to plummet.
Amen…speaking TRUTH!
I’m a 43-year veteran real estate Broker who owned my own C21 franchise for 28-years and managed an office prior to that time and worked for 2 small offices in years earlier than that. (I’m now working on my retirement plan so still chose to work (less) at the company I sold. I was a voice in the wilderness screaming in 2006, “Not EVERYONE can purchase a home!” I’ve never discriminated. But when any person BOUNCES an earnest money deposit check on the company/attorney in the first day of the transaction after the contract is signed….whoa!!!
Promises made, promises Kept
God is good!!
God bless America
Its no how you begin the game but how you end that makes a difference. I’d rather watch and see. The White House has already been sold for $277 million dollars. That’s not America First.