Scott Bessent, recently confirmed as Treasury Secretary, will also serve as the acting director of the Consumer Financial Protection Bureau (CFPB) following President Donald Trump's directive. This announcement came after the firing of Rohit Chopra, the previous CFPB director, who had hoped for action on law enforcement investigations regarding major tech and financial firms. Bessent, who has been in office for less than a week, is expected to lead the CFPB until a permanent replacement is confirmed by the Senate. His appointment coincides with a broader trend under Trump, aimed at diminishing government regulatory authority over financial sectors, including discussions about possibly abolishing the CFPB altogether. The CFPB is currently facing legal challenges from tech organizations over new rules regulating payment apps and digital wallets.

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