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Trump appoints Secretary of Finance Bessent as a substitute CFPB director.

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The permanent director of the Consumer Finance Protection Bureau needs to confirm the Senate.

President Donald Trump has been appointed Secretary of Finance Scott Bessent, and has been a deputy director of the Consumer Finance Bureau (CFPB) instead of Rochito Chopra, who announced his retirement from his agency on the weekend. Ta.

According to the CFPB announcement, the appointment of Basent was enforced on January 31.

“I’m looking forward to reducing the cost of Americans and accelerating economic growth in cooperation with CFPB,” said Bessent.

Bessent, the founder of the Global Macro Investment Company Key Square Group, was confirmed on January 27 as the 79th Finance Secretary in the 68-29 Senate, and 16 Democrats supported the nomination.

He emphasizes that he is a supporter of Trump’s economic policy, imposing tariffs to suppress inflation, boost energy production, reduce taxes, and reduce trade deficit.

Chopra resignation was officially announced on Saturday. In his departure to Trump, Chopra emphasizes the role of an institution that protects consumers from the abuse of the financial industry, crack down on junk fees, deal with errors in medical expenses, and restrict data brokers. did.

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“I hope that CFPB will continue to be a pillar that restores and moves on the economic freedom in the United States. I pray for good luck by serving our great countries.”

Chopra also emphasizes CFPB policies that hinder financial companies and high -tech companies to prevent refusal to services based on political or religious views, and probably mentions the Republican concerns about financial depletion. Masu.

It is unknown when Trump will nominate a permanent CFPB director, which needs to be confirmed by the Senate. The White House did not respond to an additional information on the president’s post plan.

Since the creation of CFPB in 2011, Republican members and others have criticized that they cannot explain the institution and tend to overrease. In 2019, the Republican members of the Republican Party appealed to challenge the constitutional CFPB, arguing that the leadership structure violated the separation of power.
In June 2020, the Supreme Court in the United States agreed and determined the structure of the institution as unconstitutional, but allowed the business to continue the business, and the director was currently eliminating the president.
Some Trump’s circles have questioned the existence of CFPB in seeking the abolition of the Trump’s government -efficient Initiative. The mask was a social media platform X, claiming that the agency should be redundant and should be excluded.
Democrats and others, including some Republican members, have defended CFPB as an important protection of corporate misconduct, and acknowledged to return billions of dollars to consumers through execution and regulatory surveillance. I am.

Sheila Bear, chairman of the Federal Deposit Insurance Corporation from 2006 to 2011, wrote that it would be misleading to abolish Musuku agencies in mid -December.

“This small agency has recovered the stability of the housing market since its establishment in 2010, after a reckless loan by untreated mortgage brokers knocked on the US economy.” I am writing.

“The budget is less than $ 700 million or about 0.01 % of the federal budget, so CFPB has fully given Americans a strong amount.”



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