The staff at the Consumer Financial Protection Bureau was instructed by email to cease much of its work. Bessent, a wealthy Wall Street investor, replaces Rohit Chopra, who was fired on Saturday.
The Consumer Financial Protection Bureau is a powerful agency policing predatory or unfair practices. Trump hobbled it. But a court ruling allows Biden to appoint a new sheriff at the bureau.
California may be on the cusp of creating a watchdog agency. Proponents say federal regulators aren't doing their job, leaving leaving millions of Americans vulnerable during the coronavirus crisis.
