President Trump was tapped by President Trump as a deputy director of the Consumer Finance Protection Bureau. Here, he will appear on January 16 before the Senate Finance Committee. J. Scott Apple White/AP Hidden Caption
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Scott Vessent, who was confirmed last week, was appointed director of the Consumer Finance Protection Bureau. Basent is replaced by Rohit Chopra, which was fired on Saturday.
In the internal email shared with the NPR, the staff was instructed to immediately stop many of the bureau’s work, including proposals, final rules, or guidance issuance or approval. Effective.
The staff was instructed to launch or resolve execution measures to issue any type of public communication, including research papers. “The order was made to promote the consistency with the (i) management goal,” said the email.
Bessent, a wealthy hedge fund manager, was already expected to be a business -friendly choice to lead the Ministry of Finance. He is currently leading the federal consumer watchdog CFPB for at least a while.
“I’m looking forward to reducing the cost of Americans and accelerating economic growth in cooperation with CFPB,” said Bessent.
CFPB is undergoing some lawsuits, including Capital One, Walmart, Zelle and its parent bank execution.
D-Mass, Senator Elizabeth Warren. He criticized that Bessent’s order stopped his work because he played an important role in the establishment of an institution and worked for the Senate Bank Committee.
“The closing of the CFPB execution measures to deliver money to the worker’s pockets will conflict with President Trump’s claim that he wants to reduce his family’s cost,” Warren said in a statement.
Chopra has led a station since 2021 and frequently undertaken major banks. Under his leadership, CFPB has issued many regulations, including restrictions on the resentment fee, the upper limit of credit card postponements, and the ban on credit reports.
The Consumer Bank Association, which represents the Retail Bank, has supported the choice of Basent and suggested that specific rules in the Chopra era should be withdrawn.
However, consumer defenders accused Bessent’s beating.
“(Trump) is a corporate lobbyist, a millionaire donation, and the crowds of Wall Street, such as Scott Bessent, leading our country. In a statement, a corruption watchdog group.
CFPB is an independent station in the Federal Reserve. It is funded outside the parliamentary spending process, and its funds come from the Fed. The station was created in 2010 by the Dodd Frankwall Street Reform and the Consumer Protection Law.
The law was passed after the 2008 financial crisis, aiming to protect consumers from overflowing by financial institutions and prevent other crises.
