The U.S. House Financial Services Committee published a statement from Chairman French Hill following the naming of Treasury Secretary Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB), endorsing the appointment and linking it to an effort to curb the CFPB’s approach to regulation. Hill criticised former CFPB Director Rohit Chopra’s regulatory posture and described his removal as an important step toward restoring confidence in financial regulators. He signalled a legislative agenda to bring the CFPB under the congressional appropriations process, convert the agency into a bipartisan commission, and establish additional statutory guardrails, while expressing an intention to work with Acting Director Bessent on these changes.
U.S. Financial Services Committee 2025-02-03
U.S. House Financial Services Committee chair welcomes Scott Bessent as acting CFPB director and calls for structural reforms to the bureau
The U.S. House Financial Services Committee, led by Chairman French Hill, endorsed Treasury Secretary Scott Bessent's appointment as Acting Director of the Consumer Financial Protection Bureau (CFPB). Hill criticized former Director Rohit Chopra's regulatory approach and outlined a legislative agenda to reform the CFPB, including bringing it under congressional appropriations and converting it into a bipartisan commission.