Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work
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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 Facts
US Pres. Donald Trump on Monday appointed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB) after Trump fired former director Rohit Chopra.
In his first action as acting director, Bessent ordered CFPB staff to cease all activities, including investigations, rulemaking, litigation, and public communications. In an email, Bessent wrote that this pause was required "to promote consistency" with the administration's goals.
The pause affects several pending regulations, including rules targeting overdraft fees, credit card late fees, and the elimination of medical debt from credit reports.
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.