WASHINGTON, D.C. — Donald Trump’s new appointee, Treasury Secretary Scott Bessent, has taken over the Consumer Financial Protection Bureau, created to beat back the greed of banks and other predatory financial institutions, but now its future is uncertain.
The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed in 2010. The CFPB began operating on July 21, 2011, under the Obama Administration. The Dodd-Frank reforms have been torn down, bit by bit, ever since, and Republicans have aimed at the Consumer Financial Protection Bureau and its watchdog nature, as well.
On January 31, 2025, President Donald Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB).
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Secretary Bessent.
Yea, why do we need anyone protecting us from greedy bankers and conmen?
Yea, why?