Scott Bessent, the newly appointed US Treasury Secretary, has already made a significant move in his short time in office. In addition to his duties as Treasury Secretary, Bessent will also serve as the acting director of the Consumer Financial Protection Bureau (CFPB). This decision has sparked both praise and criticism from various groups.

Bessent, a former hedge fund manager and close ally of former President Donald Trump, was sworn in as Treasury Secretary just last week. His appointment was met with mixed reactions, with some praising his financial expertise and others expressing concerns about his ties to the previous administration.

Now, with the added responsibility of leading the CFPB, Bessent’s actions will be under even more scrutiny. The CFPB, created in the aftermath of the 2008 financial crisis, is responsible for protecting consumers from unfair and deceptive financial practices. It has been a key player in enforcing regulations and holding financial institutions accountable.

Bessent’s appointment as acting director of the CFPB has raised questions about his qualifications and potential conflicts of interest. Some argue that his lack of experience in consumer protection and his ties to the financial industry make him unfit for the role. Others believe that his financial background will bring a fresh perspective to the agency.

Regardless of opinions, Bessent’s dual role as Treasury Secretary and acting director of the CFPB will undoubtedly have a significant impact on the financial landscape. It remains to be seen how he will balance these responsibilities and what changes he may bring to the CFPB. As the agency continues to play a crucial role in protecting consumers, all eyes will be on Bessent and his actions in the coming months.