Home Finance Trump calls Treasuries Scott Bessent acting head after firing Chopra

Trump calls Treasuries Scott Bessent acting head after firing Chopra

by Eclipsnews
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Republican presidential nominated former President Donald Trump, left, listens as investor Scott Bessent talks about the economy in Asheville, NC, Wednesday, August 14, 2024.

Matt Kelley | AP

President Donald Trump has Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau After firing former head Rohit Chopra during the weekend.

Bessent, a former hedge fund manager who was confirmed last week as head of the American treasury, will probably lead the CFPB until a permanent choice is called.

“I am looking forward to working with the CFPB to promote President Trump’s agenda to lower the costs for the American people and to accelerate economic growth,” said Bessent in a CFPB rack Released on Monday.

Chopra, who was appointed by former President Joe Biden in 2021, was often in Loggerheads with the American banking sector after he had insisted on drastically curbing the practices of the credit card, in addition to many other efforts. Trade groups representing banks fought these regulations in court and wagon rules that Americans would have saved billions of dollars in reimbursements, but that industry was poorly considered or called unjustified.

Bank groups had expected Chopra to be fired as soon as Trump’s inauguration day, but Chopra remained for almost two weeks in Trump’s second term, and continued to fire release and weighing hot-button topics, including whether banks have made unfair bills.

CFPB director Rohit Chopra about Future of Agency: The Work of the Bureau is extremely popular

Only on 1 February did Chopra confirm that he would take off the desk. While Chopra’s term of office was planned to walk for about two years, a Supreme Court from 2020 ruling gave the president the power to dismiss the head of the desk as desired.

In a letter to Trump posted Chopra said to Social Media Platform X that he saw a path for the next CFPB leader to implement ‘meaningful reforms’, including a possible cap About Creditcardedrente.

The CFPB was founded in the aftermath of the worldwide financial crisis of 2008, which was partly caused by the irresponsible credit and securitization practices of banks.

But since then the agency has been the target of trade groups that have in vain that the financing of the CFPB has been violated the American Constitution, and more recently by conservative figures, including X -owner and Trump consultant Elon Musk, who has called for the closure from the CFPB.

The Consumer Bankers Association said on Monday that it was “satisfied” at the appointment of Bessent on the CFPB, and that berry should take steps to turn “part -time policy”, made under Chopra.

“We hope that Besent Secretary will take into account the Real-World consequences for the regulations of America, the millions of consumers they serve and the economy as a whole,” said CBA president Lindsey Johnson.

CEO of Consumer Bankers Association Lindsey Johnson on CFPB right case, bank costs for bank costs

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