House Financial Services Committee Chairman French Hill has expressed approval following the appointment of Treasury Secretary Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB). In a statement, Hill commented on the previous leadership under former Director Chopra, citing "repeated regulatory overreach" that he believes negatively impacted the financial system and consumers.
Hill emphasized the importance of this leadership change in rebuilding trust in financial regulators. He stated, "His removal is a critical step in restoring Americans’ faith in our financial regulators." Hill also mentioned his intention to collaborate with Bessent to implement changes at the CFPB. These changes include placing the agency under the appropriations process, transforming it into a bipartisan commission, and establishing statutory guardrails.
The announcement marks a significant shift in leadership at the CFPB, with expectations for potential reforms aimed at increasing accountability within the agency.