Politics

Biden picks Chopra, Gensler for financial oversight roles

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Key Points
  • Biden announces intent to nominate Rohit Chopra and Gary Gensler to key financial oversight roles.
  • Chopra, a commissioner at the Federal Trade Commission, helped launch the agency after the 2008 financial crisis and served as deputy director, where he sounded the alarm about skyrocketing levels of student loan debt.
  • Gensler, a former Goldman Sachs banker, enhanced oversight of the complicated financial transactions that helped cause the Great Recession.
Rohit Chopra, Federal Trade Commission (FTC) commissioner nominee for U.S. President Donald Trump, speaks during a Senate Commerce, Science and Transportation Committee confirmation hearing in Washington, D.C., Feb. 14, 2018.
Andrew Harrer | Bloomberg | Getty Images

President-elect Joe Biden is set to nominate Rohit Chopra as 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, a commissioner at the Federal Trade Commission, helped launch the agency after the 2008 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.

Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 30, 2013.
Andrew Harrer | Bloomberg | Getty Images

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