Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work
1 month, 3 weeks ago

Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work

NPR  

Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work toggle caption J. Scott Applewhite/AP Scott Bessent, who was confirmed as Treasury secretary last week, has been named acting director of the Consumer Financial Protection Bureau. In an internal email shared with NPR, staff members were instructed to immediately cease much of the bureau's work, "unless expressly approved by the Acting Director or required by law". "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," Bessent said in a statement. "While 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," said Tony Carrk of Accountable.US, a corruption watchdog group, in a statement.

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History of this topic

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided
1 month, 1 week ago

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This is the core of consumer protection – …

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided
1 month, 1 week ago

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided

Associated Press  

NEW YORK — To President Donald Trump, it’s a hotbed of “waste, fraud and abuse” whose only purpose is to “destroy people” and whose staff amounts to a “vicious group.” To Jonathon Booth, it’s simply the agency that helped him get $17 back. “This is the core of consumer protection – someone willing to help with stuff that’s small enough …

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming
1 month, 2 weeks ago

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming

NPR  

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming toggle caption Saul Loeb/AFP via Getty Images/AFP Some 70 to 100 employees of the Consumer Financial Protection Bureau were laid off Thursday, according to three current employees with knowledge of the situation who did not want to be identified for fear of also being …

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming
1 month, 2 weeks ago

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming

NPR  

Up to 100 more workers are fired at CFPB as staff fear mass layoffs are looming toggle caption Saul Loeb/AFP via Getty Images/AFP Some 70 to 100 employees of the Consumer Financial Protection Bureau were laid off Thursday, according to three current employees with knowledge of the situation who did not want to be identified for fear of also being …

I Work at the Latest Agency Being Targeted by Musk. We Just Received This Shocking Email.
1 month, 2 weeks ago

I Work at the Latest Agency Being Targeted by Musk. We Just Received This Shocking Email.

Slate  

Sign up for the Slatest to get the most insightful analysis, criticism, and advice out there, delivered to your inbox daily. As this was unfolding, the administration permitted billionaire Elon Musk and his Department of Government Efficiency underlings to enter the CFPB headquarters, where they reportedly accessed internal systems including personnel rolls and financial records. On Saturday night, Vought sent …

Column: Trump’s move to kill federal consumer watchdog will protect Big Business but cost consumers billions
1 month, 2 weeks ago

Column: Trump’s move to kill federal consumer watchdog will protect Big Business but cost consumers billions

LA Times  

CFPB unplugged: The home page of the Consumer Finance Protection Bureau is offline, following the arrival of Trump acolytes determined to kill the bureau outright. — Dennis Kelleher, Better Markets “I am the acting director of the CFPB,”he said, “something that’s apparently keeping Elizabeth Warren up late at night, which doesn’t bother me at all.” Mulvaney isn’t part of the …

Two top CFPB officials resign after being ordered to stop all work
1 month, 2 weeks ago

Two top CFPB officials resign after being ordered to stop all work

NPR  

Two top CFPB officials resign after being ordered to stop all work toggle caption Jacquelyn Martin/AP/AP The directors of supervision and enforcement at the Consumer Financial Protection Bureau stepped down on Tuesday morning, with both citing the stop work orders issued in recent days by the agency's acting Director Russell Vought. The resignations by supervision head Lorelei Salas and enforcement …

Trump’s New Budget Chief Orders Federal Financial Watchdog To Halt Operations
1 month, 2 weeks ago

Trump’s New Budget Chief Orders Federal Financial Watchdog To Halt Operations

Huff Post  

LOADING ERROR LOADING The lead architect of Project 2025 and recently appointed acting director for the Consumer Financial Protection Bureau has told the agency’s employees to essentially halt all operations ― the Trump administration’s latest move to roll back consumer protections against corporate giants. In a Saturday email obtained by several news outlets, Russell Vought ordered the federal financial industry …

New CFPB chief closes headquarters, tells all staff they must not do 'any work tasks'
1 month, 2 weeks ago

New CFPB chief closes headquarters, tells all staff they must not do 'any work tasks'

NPR  

New CFPB chief closes headquarters, tells all staff they must not do 'any work tasks' toggle caption Kayla Bartkowski/Getty Images Staff and contractors at the Consumer Financial Protection Bureau have been told they cannot "perform any work tasks," according to an internal email obtained by NPR on Monday. The new directive from the CFPB's acting director, Russell Vought, on Monday …

Trump administration pauses work of consumer watchdog and names Scott Bessent as acting head
1 month, 3 weeks ago

Trump administration pauses work of consumer watchdog and names Scott Bessent as acting head

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Bessent issued a temporary pause on bureau activity while the …

Consumer Financial Protection Bureau shakeup: Chopra out, Bessent in charge
1 month, 3 weeks ago

Consumer Financial Protection Bureau shakeup: Chopra out, Bessent in charge

Salon  

The Consumer Financial Protection Bureau, a watchdog agency Republicans have tried to dismantle or significantly scale back, is the latest shakeup in Donald Trump's efforts to remake the federal government. Trump fired Rohit Chopra, the agency's director and a Biden appointee, over the weekend and installed Scott Bessent, a billionaire hedge fund manager who now serves as treasury secretary, as …

Scott Bessent Confirmed As Treasury Secretary, Giving Him A Key Role In Extending Trump's Tax Cuts
2 months ago

Scott Bessent Confirmed As Treasury Secretary, Giving Him A Key Role In Extending Trump's Tax Cuts

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump’s treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth. He has said the U.S. faces economic calamity if Congress does not renew key …

Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts
2 months ago

Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts

Associated Press  

WASHINGTON — The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump’s treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth. He has said the U.S. faces economic calamity if Congress does not renew key provisions of Trump’s …

Wall Street veteran Scott Bessent tapped as Donald Trump's treasury secretary
4 months ago

Wall Street veteran Scott Bessent tapped as Donald Trump's treasury secretary

India Today  

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, ending days of twists that saw high profile candidates pitted against each other for the cabinet position with vast influence over economic, regulatory and international affairs. Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, …

What are the challenges Donald Trump's treasury chief pick Scott Bessent faces?
4 months ago

What are the challenges Donald Trump's treasury chief pick Scott Bessent faces?

Firstpost  

President-elect Donald Trump announced hedge fund billionaire Scott Bessent as his choice for the next Treasury Secretary. He will also be the first openly gay Treasury Secretary in a Republican administration If the Senate confirms his appointment, Bessent—despite having no government experience—will be central to implementing Trump’s economic vision. He rejected Nobel prize economists’ views: Bessent first made waves when …

Trump nominates Wall Street investor Scott Bessent as treasury secretary
4 months ago

Trump nominates Wall Street investor Scott Bessent as treasury secretary

NPR  

Trump nominates Wall Street investor Scott Bessent as treasury secretary toggle caption DOMINIC GWINN/Middle East Images/AFP via Getty Scott Bessent, the little-known Wall Street investor who became one of President-elect Donald Trump's top economic advisers, has been nominated to be the next treasury secretary in Trump's new administration. "Mr. Trump has a mandate to reprivatize the U.S. economy through deregulation …

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