The Washington Post reports:
President Donald Trump on Monday appointed Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau, a powerful watchdog agency whose oversight and enforcement actions Bessent immediately halted in a move that delighted big banks and enraged public-interest groups.
In an email to agency staff, Bessent ordered the bureau to cease all work to craft regulations, enforce rules, conduct investigations or provide “public communications of any type,” citing a need to “promote consistency” with the goals of the new administration, according to a copy obtained by The Washington Post.
The missive appeared to herald a stark shift for the CFPB, which Congress formed in the wake of the 2008 banking crisis to protect consumers from unfair, deceptive or predatory financial practices. Republicans broadly have threatened to defund the agency or neuter its powers — and the tech billionaire Elon Musk, who is advising Trump on a reconfiguration of American government, has called on lawmakers to “delete” the bureau entirely.
Read the full article. As pointed out last week by Sen. Elizabeth Warren, the CFPB has returned billions to consumers that were scammed by major banks, perhaps most notably in the case of Wells Fargo.
CFPB halts work after Trump appoints Bessent as acting head — INCLUDING INVESTIGATIONS!
It’s once again a great time to be a corrupt financier.
— Revolving Door Project (@revolvingdoordc.bsky.social) February 3, 2025 at 2:13 PM
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