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Biden Picks Warren Allies to Head Financial Sector Oversight Agencies, SEC and CFPB

2020 Election cabinet CFPB Economy Joe Biden Politics SEC US US News

Biden Picks Warren Allies to Head Financial Sector Oversight Agencies, SEC and CFPB

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President-elect Joe Biden on Monday announced six additional picks for top administration posts, including two progressive allies of Sen. Elizabeth Warren (D-Mass.) for positions in financial sector oversight, in a move that suggests more aggressive regulation of big business. Biden has nominated a current member of the Federal Trade Commission (FTC), Rohit Chopra, to serve as the next director of the Consumer Financial Protection Bureau (CFPB), an agency that is Warren’s brain-child and that has often been the target of Republican criticism on grounds of executive overreach and tough regulatory posture. Under President Donald Trump, CFPB directors have softened the agency’s strict approach to financial institutions, while Democrats have called for a more muscular bureau to take on what they say are financial-industry excesses. Chopra, an ally of Warren, helped launch the CFPB in 2011 and previously served as assistant director of the agency, where he led efforts on student loans. At the …

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