WASHINGTON—By a 68-29 vote, the Senate has confirmed Scott Bessent to serve as Treasury Secretary. The confirmation comes at the same time American journalist and blogger Charles Gasparino reported on X the White House is weighing whether to give Bessent a dual role--to act as acting head of the CFPB until a full-time chief can be found, once Rohit Chopra is removed by the Trump Administration.
America’s Credit Unions President/CEO Jim Nussle congratulated Bessent on the confirmation.
“His agenda of growing the U.S. economy with sound policies and regulatory reform aligns with our industry’s top priorities. The American people should be able to achieve their best financial lives with credit unions by their side,” said Nussle. “We look forward to meeting with Bessent to find common goals and sharing the incredible stories of credit unions from across the country.”
As CUToday.info reported, ahead of the Bessent’s confirmation, the Defense Credit Union Council sent a letter to the Senate Finance Committee outlining why the credit union tax exemption must be preserved.
In the letter, Jason Stverak, DCUC chief advocacy officer, stressed the importance of discussing issues central to the financial well-being of the trade group's members during the committee’s confirmation process.
"Since their establishment under the Federal Credit Union Act in 1934, credit unions have been recognized as member-owned, not-for-profit financial cooperatives. Their tax-exempt status reflects their unique mission to deliver financial services to underserved communities, particularly military families, at lower costs than for-profit institutions; with structural and operational differences distinguishing them from shareholder-driven banks," DCUC noted.