Charlotte, AP – Biden’s nominee for president of the Federal Consumer Agency will likely be questioned hostile by Republican senators on Tuesday, but will likely be approved by the Senate-majority Democrats.
Rohit Chopra, currently Democratic Commissioner for the Federal Trade Commission, would be the third permanent director of the relatively new agency. President Biden has asked Katie Craninger, director of President Donald Trump’s Consumer Protection Bureau, to resign on his first day in office.
Chopra said he planned to “work with (senators) to build a new bipartisan consensus on the bureau.”
“I promise to be a good partner for each of you, to approach the mission of the agency with an open mind, in line with market realities,” he said, preparing remarks.
Chopra will inherit an agency that is the shell of his former self as a result of the Trump administration. The CFPB has drastically reduced its enforcement action, both in number and size, and has raised concerns such as fair lending to a much smaller position within the bureau.
The CFPB was created as a result of the housing bubble և financial crisis of the late 2000s, which directly led to the Great Depression. Part of the law that transformed the entire financial industry, the CFPB was tasked with being an aggressive regulator-observer for American consumers.
Chopra is a veteran of the CFPB, where he worked in the early days of the bureau as a senior student loan officer. He is considered a staunch ally of Senator Elizabeth Warren, the idea of the bureau, և much like consumer advocacy groups, which often oppose banks in regulatory matters.
He left the bureau in the final days of the Obama administration to work for an outside consumer advocacy group. In 2018, President Donald Trump nominated Chopra to the FTC to fill the Democratic seat of the regulator.