President Donald Trump designated Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau (CFPB).
The move comes after Trump fired previous CFPB director Rohit Chopra.
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.”
Naming a Senate-confirmed appointee as CFPB interim director is not new to Trump. In November 2017, the president appointed Mick Mulvaney as acting CFPB director while Mulvaney also served as the director of the Office of Management and Budget.
Mulvaney served as acting director until December 2018, when the Senate confirmed Kathy Kraninger as the new CFPB director.
Chopra issued a farewell message in a letter to the president Saturday. He said serving as the CFPB director was an extraordinary privilege, and he was proud of the work the agency has done to restore the rule of law.
“This letter confirms that my term as CFPB director has concluded,” Chopra said. “I know the CFPB is ready to work with you and the next confirmed director, and we have devoted a great deal of energy to ensure continued success.”
Chopra cited numerous rules and proposals the CFPB developed to block foreign surveillance operations, investigate large technology companies and Wall Street firms. He also referenced policies to block financial firms and technology giants from debanking and deplatforming Americans based on their speech or religious views, while also restoring freedom and other individual rights.
“I hope that the CFPB will continue to be a pillar of restoring and advancing economic liberty in America,” Chopra concluded, “and I wish you good luck in serving our great country.”
