Associated Press: Biden picks Chopra, Gensler for financial oversight roles

“President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed.

Chopra, now a commissioner at the Federal Trade Commission, helped launch the consumer agency after the 2008-09 financial crisis and served as deputy director, where he sounded the alarm about skyrocketing levels of student loan debt. The pick comes as Democrats are eyeing ways to provide student loan relief to millions of Americans as part of a COVID-19 relief package.

Biden announced the move Monday, along with his intent to nominate Gary Gensler, a former chairman of the Commodity Futures Trading Commission, as the next chair of the Securities and Exchange Commission. Gensler, a former Goldman Sachs banker, tightened oversight of the complex financial transactions that helped cause the Great Recession.

Biden’s choice of an expert with experience as a strong markets regulator during the financial crisis to lead the SEC signals a goal of turning the Wall Street watchdog agency toward an activist role after a deregulatory stretch during the Trump administration…” Read the full press release here.

Source: Biden picks Chopra, Gensler for financial oversight roles – By Marcy Gordon and Zeke Miller, January 18, 2021. Associated Press.

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