STATEMENT: Gensler, Chopra Nominations Signal New Era for Financial Regulation and Consumer Protection, Say CAP Experts
Washington, D.C. — This week, President-elect Biden announced his intent to nominate Gary Gensler as the next chair of the U.S. Securities and Exchange Commission and Rohit Chopra as the next director of the Consumer Financial Protection Bureau. After his first stint at the CFPB, Chopra joined the Center for American Progress in 2015 as a senior fellow to work on issues facing young people and the economy, including the impact of growing student debt burdens.
With the nominations of Gary Gensler and Rohit Chopra, President-elect Biden has signaled a new era for financial regulation and consumer protection. These are two experienced regulators who will bring steady hands to important agencies at a critical time and will turn the page on four years of letting big business run the show in Washington. As a former chairman of the Commodity Futures Trading Commission, Gary Gensler has a track record of being a tough but fair regulator who puts the interests of investors, consumers, and the broad economy ahead. His deep experience at the U.S. Treasury Department, combined with his industry and regulatory expertise, makes him the ideal candidate to lead the Securities and Exchange Commission.
Charlotte Hancock, senior director of communications and digital strategy at CAP’s Generation Progress, added the following statement on Chopra’s nomination:
A champion for student loan borrowers and a fierce defender of American consumers, Rohit Chopra will restore the Consumer Financial Protection Bureau’s founding mission to protect Americans from bad actors who seek to exploit them. Chopra’s lengthy track record of fighting for the rights of student loan borrowers and for-profit college victims, including in his past work at Generation Progress as a CAP senior fellow, makes him an ideal candidate for this position—and someone who young Americans can trust to advocate for our generations.
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