President-elect Biden has chosen two veteran regulators to lead the Securities and Exchange Commission (SEC) and the Consumer Financial P...
President-elect Biden has chosen two veteran regulators to lead the Securities and Exchange Commission (SEC) and the Consumer Financial Protection Bureau (CFPB), according to multiple reports.
Biden will nominate former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler
Gary GenslerHuffPost reporter: Biden SEC pick ‘easily the best bank regulator’ from Obama era Reimagining the role of the next SEC chair The future of ‘fintech’ is at stake for Biden and the Senate MORE to lead the SEC, Bloomberg News reported. Under the Obama administration and in the wake of the 2008 financial crash, Gensler advanced derivatives regulation at the CFTC.
Biden last year called on Gensler to lead his transition’s review of banking and securities regulators.
The president-elect, who is set to be inaugurated on Wednesday, will nominate Federal Trade Commission member Rohit Chopra to lead the CFPB, according to multiple reports. He helped Massachusetts Sen. Elizabeth Warren
Elizabeth WarrenPorter loses seat on House panel overseeing financial sector OVERNIGHT ENERGY: Nine, including former Michigan governor, charged over Flint water crisis | Regulator finalizes rule forcing banks to serve oil, gun companies | Trump admin adds hurdle to increase efficiency standards for furnaces, water heaters DeVos mulled unilateral student loan forgiveness as COVID-19 wracked economy: memo MORE (D) establish the office prior to her time serving in the upper chamber.
Chopra served as a CFPB assistant director and as student loan ombudsperson after the agency was launched in 2011. He has served as a Federal Trade Commissioner since 2018.
His top priorities at the bureau are set to include ramping up enforcement of fair lending laws, in addition to cracking down on payday lenders and building what counts as an “abusive act or practice” for a slate of businesses, according to multiple reports.
Both of the reported nominees will have to be confirmed by the Senate, and interim leaders will likely lead the SEC and the CFPB during the confirmation process, Bloomberg News noted.
The nominees are also expected to reverse many the Trump administration’s industry-friendly approaches on the SEC and the CFBP’s enforcement powers.
The Hill has reached out to the Biden’s transition team for comment.
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