Scott Bessent, the Treasury Secretary, has been tapped by President Trump to be acting director of the Consumer Financial Protection Bureau. Bessent is seen here at the Capitol in Washington last month. Scott Bessent, who was confirmed as Treasury Secretary last week, has been named acting director of the Consumer Financial Protection Bureau.

The secretary replaces Rohit Chopra, who had aggressively sought to expand the bureau’s authority over banks and other financial firms.

The Senate confirmed Scott Bessent as Treasury secretary on Monday, elevating the hedge fund manager to the new administration’s top financial job as President Donald Trump forges ahead on an ambitious economic agenda.