WASHINGTON, DC — Issuing a major blow to the millions of Americans who rely on the Consumer Financial Protection Bureau (CFPB) to lower costs and stand up against shady financial practices, the Trump administration has appointed Wall Street hedge fund manager Scott Bessent as acting head of the agency. Bessent is a noted advocate for big business and Wall Street, including his support for the Trump tax scam that would leave the typical American family paying as much as $3,900 more in taxes annually. 

President Trump has held himself up as a champion for working Americans, but his plans for the CFPB are just another example of the administration’s billionaires-first, consumers-last agenda. While he parades a crowd of corporate lobbyists, billionaire donors, and Wall Street insiders like Scott Bessent to lead our country, we’re looking at the end of basic protections for American consumers. We can only hope that Bessent continues former Director Rohit Chopra’s legacy standing up to price gouging and fraud, but I fear his appointment opens the flood gates for corporate abuse and financial scams.”

Accountable.US Executive Director Tony Carrk

Over the weekend, President Trump caved to demands from the financial industry and fired CFPB Director Rohit Chopra. During his tenure at the CFPB, Chopra led the agency in proposing rules to block unfair junk fees and save American families $5 billion annually, securing billions in relief for people in restitution and cancelled debts, and slashing credit card late fees to save users $10 billion annually. 

MORE ON THE CFPB AND SCOTT BESSENT 

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