Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work
NPR Online NewsFEB 16
Trump's Consumer Financial Protection Bureau Chief Halts All Agency Operations
Above: US Treasury Secretary Scott Bessent during his Senate confirmation hearingJan. 16, 2025. Image copyright: Chen Mengtong/Contributor/China News Service/VCG via Getty Images
The Spin
Republican narrative
For too long the unelected, unaccountable CFPB has been harming US businesses with its over-aggressive regulatory approach. Once the bureau resumes its work, Americans will enjoy lower costs, and the nation as a whole will benefit from great economic growth.
Democratic narrative
American consumers are now vulnerable to predatory financial practices and corporations can freely exploit working families. The Trump administration has decided to side with Wall Street and the big banks at the expense of ordinary citizens.