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Scott Bessent, who has been in office for less than a week as US Treasury Secretary, will also take on the role of acting director of the Consumer Financial Protection Bureau.
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US Treasury Secretary Scott Bessent, confirmed by a majority in the Senate less than seven days ago, will also take on the role of acting director of the Consumer Financial Protection Bureau (CFPB) following an order from President Donald Trump.
In a Feb. 3 notice, the CFPB said Bessent would become acting head of the government agency after Trump fired Rohit Chopra. The former director said in a letter to the US president on Feb. 1 that he hoped his replacement would act on the evidence involving “law enforcement investigations of Big Tech and Wall Street firms.”
It’s unclear why Bessent, who has just taken on the role of leading one of the biggest financial departments in the US government, will also head the CFPB until the Senate can confirm a replacement. In the leadup to his Senate confirmation, Besset echoed many of the administration’s views on crypto, including opposing the creation of a US central bank digital currency.
Related: CFPB proposes crypto firms refund users for funds lost to hacks
The Trump administration has reportedly been exploring ways to reduce government agencies’ authority over banks, with Tesla CEO and unofficial presidential adviser Elon Musk calling to “delete” the CFPB.
The US president also issued an executive order on Jan. 20 requesting all departments and agencies to halt all proposed rules, potentially affecting regulators like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and CFPB.
This article first appeared at Cointelegraph.com News
