Elected President Joe Biden speaks at an event at The Queen Theater on Friday, January 15, 2021 in Wilmington, Del.
Matt Slocum | AP
Elected President Joe Biden will nominate Rohit Chopra as the director of the Consumer Improvement Bureau, and appoint a progressive ally of Senator Elizabeth Warren to lead the agency that advocated its creation.
Chopra, a Federal Trade Commissioner, helped launch the agency after the 2008 financial crisis and served as deputy director, where he sounded the alarm about the notable levels of student loan debt. The choice comes because Democrats are watching ways to provide student loan relief to millions of Americans as part of a Covid-19 aid package.
Biden announced the move Monday, along with his intention to appoint Gary Gensler, the former chairman of the Commodity Futures Trading Commission, as the next chairman of the Securities and Exchange Commission. Gensler, a former banker at Goldman Sachs, has stepped up oversight of the complex financial transactions caused by the Great Recession.