Chopra said Trump can fire him if he wants but he won't leave until then

The days are dwindling down to a precious few for political appointees in Washington, as the incoming Trump Administration chooses its nominees to succeed those named in earlier times.

Trump has already announced his pick to head the Federal Trade Commission (FTC), naming Andrew Ferguson to succeed antitrust activist Lina Khan. Now the question in consumer protection circles is what will happen to Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB).

Chopra is making it clear he won't resign and if Trump wants him gone, he'll have to fire him. Trump can do that, thanks to a Supreme Court decision in 2020 that removed protections put in place when the bureau was formed.

"We serve and are confirmed for a five-year term," Chopra, who was confirmed to his post in September 2021, said at a Wednesday Senate Banking Committee hearing, according to Bloomberg News. "The president can remove us at any time, any day. And we obviously completely respect that right."

Trump has not yet named a replacement for Chopra but could appoint an acting director until a nominee is confirmed by the Senate. During Trump's first term, then-CFPB Director Kathy Kraninger resigned immediately after President Joe Biden's inauguration.

Not a dead fish

Chopra also defended the CFPB's recent rulemaking activities, including rules to oversee nonbank digital payments companies, proposals on data brokers, and protections for domestic violence and elder abuse victims. The agency is also working on rules to limit medical debt on credit reports and cap overdraft fees.

Senator Tim Scott, incoming chair of the Senate Banking Committee, urged all financial regulators to pause rulemaking until Trump takes office. Chopra responded, "I don't think it makes sense for the CFPB to be a dead fish."