President-elect Joe BidenJoe BidenUS urges Americans to “leave Kabul airport” “immediately,” citing “credible” threats to Britain and France, in order to propose a safe zone for Kabul for people trying to flee Afghanistan. Pollsters are looking to the flubs faced a difficult survey landscape in 2020 MORE has selected two experienced regulators to lead the Securities and Exchange Commission (SEC) and the Consumer Financial Protection Bureau (CFPB).
Biden will appoint the former chairman of the Commodity Futures Trading Commission (CFTC) Gary GenslerGary GenslerCryptocurrency Worsens Climate Crisis SEC Raises Disclosure Requirements for Chinese Companies Looking to Go Public in the US: Report Crypto Industry Seeks Momentum After Loss of Senate Fight MORE the SEC and Federal Trade Commissioner Rohit Chopra, who heads the CFPB, announced the transition on Monday.
Under the Obama administration and after the 2008 financial crash, Gensler pushed derivatives regulation at the CFTC, according to Bloomberg News. Biden called on Gensler last year to lead the review of his transition of banking and securities regulators.
Chopra, suggested by Biden as head of the CFPB, helped Massachusetts Sen. Elizabeth WarrenElizabeth Warren RecallNewsom Spurs Unprecedented Turnout Biden faces another big decision apart from COVID and Afghan Fed reappointment splitting progressives MORE (D) establish the office before their time in the upper chamber.
Chopra has served as Deputy Director of the CFPB and ombudsperson for student loans since the agency was founded in 2011. He has been the Federal Trade Commissioner since 2018.
His top priorities in the office include strengthening enforcement of fair lending laws, cracking down on payday lenders, and building an “improper act or practice” for a number of companies, according to several reports.
“Our government will go into action immediately to provide immediate, urgent aid to the Americans; Address the overlapping crises of COVID-19, the historic economic downturn, systemic racism and inequality, and the climate crisis; and make this government work for the people it serves. These tireless officials will be an important part of our agenda for better reconstruction – and I am confident that they will help create meaningful change and move our country forward, “said Biden, due to be inaugurated on Wednesday Announcement of the picks.
Both announced nominees will have to be ratified by the Senate, and the interim leaders will likely run the SEC and CFPB during the ratification process, Bloomberg noted.
Nominees are also expected to reverse many of the Trump administration’s industry-friendly approaches to the SEC and the enforcement powers of the CFBP.
Other nominees announced on Monday include a number of assistant secretaries including Elizabeth Klein for Home Affairs, Jewel Bronaugh for Agriculture, Andrea Palm for Health and Human Services, Polly Trottenberg for Transportation and Cindy Marten for Education.
Updated January 18 at 8:40 a.m.