President-elect Joe Biden has
announced his picks for two important financial regulatory positions. The
chairmanship of the Consumer Financial Protection Bureau (CFPB) will be filled
by Rohit Chopra while Gary Gensler is expected to be named to head the U.S.
Securities and Exchange Commission (SEC). Both nominations are expected to be
controversial among the communities that fall under supervision of the two
agencies with Chopra perhaps facing a difficult confirmation process. Chopra helped now-senator Elizabeth
Warren (D-MA) design CFPB during the presidency of Barack Obama and served as
its assistant director and student loan ombudsperson. He has been a member of
the Federal Trade Commission since 2018. Gensler was chair of the Commodity
Futures Trading Commission (CFTC) from 2009 to 2014 and has led Biden’s financial
industry oversight planning team since the election. Industry observers generally
expect the appointments to signal a return to more robust oversight than was the
course during the outgoing administration.