Home News Biden taps Warren ally Chopra to lead Consumer Bureau – Politico

Biden taps Warren ally Chopra to lead Consumer Bureau – Politico

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The selection of Chopra signals the Biden administration plans to return the CFPB to the more-muscular posture of its early days.

President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau, according to four sources familiar with the decision, choosing a strong consumer advocate aligned with Sen. Elizabeth Warren (D-Mass.).

If confirmed, Chopra, now a member of the Federal Trade Commission, would be returning to helm an agency he helped Warren set up after its establishment by the landmark Dodd-Frank financial reform law of 2010.

The selection of Chopra signals that the Biden administration plans to return the CFPB to the more-muscular posture of its early days following three years of Trump administration appointees curbing the agency’s reach. Biden also plans to nominate Gary Gensler, a former financial regulator known for aggressive bank oversight, as chairman of the Securities and Exchange Commission, a source familiar with the matter said.

The Biden transition team declined to comment.

Chopra’s confirmation process will likely be difficult, with Democrats only narrowly in control of the Senate. The CFPB, Warren’s brainchild, was long a favorite target of GOP lawmakers, who slammed the agency’s tough regulations as executive overreach.

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