Scott Bessent takes charge of US consumer watchdog, halts all operations

Scott Bessent, the new US Treasury chief, has taken over as the acting director of the Consumer Financial Protection Bureau (CFPB). This follows the dismissal of former director Rohit Chopra by President Trump. Upon his appointment, Bessent immediately froze all operations at the CFPB, halting investigations, litigation, and public communications. This move contrasts with Chopra's more active approach during the Biden administration. Bessent's email to staff emphasized alignment with Trump's economic agenda and directed them to cease ongoing activities. This marks a significant shift in the CFPB's direction under the new leadership.