WASHINGTON: Elected US President Joe Biden Indian-American Rohit Chopra on Monday named the head of a federal agency to protect the interests of financial consumers.
If the Senate confirms this, Chopra will succeed Kathleen Laura Kraninger as Director of the Consumer Agency for Financial Protection.
The office regulates the offering and provision of financial products or services to consumers under federal financial laws and empowers consumers to make better-informed financial decisions.
Chopra is currently a Federal Trade Commissioner. He actively advocated for the promotion of fair, competitive markets that protect families and honest businesses from abuse.
He was unanimously confirmed by the Senate in 2018, and he is campaigning for aggressive remedies against law-abiding companies, especially repeat offenders. Together with state and international law enforcement partners, he has worked to increase the investigation into dominant technology companies that pose risks to privacy, national security and fair competition, the transition said.
Chopra previously served as assistant director of the Bureau of Consumer Protection, where he led the agency’s efforts student loans. In 2011, the Treasury Secretary appointed him to serve as the CFPB’s Student Loan Ombudsman, a new post established in the Financial Reform Act. He was also a special adviser to the U.S. Department of State. Education.
In these roles, Chopra has led efforts to stimulate competition in the student loan financing market, develop new tools for students and student loan borrowers to make smarter decisions, and secure hundreds of millions of dollars in repayments for borrowers victimized by illegal lending services. are debt collectors, and college chains that are profitable.
Chopra’s announcement comes with Biden naming several key administrative positions. These include Elizabeth Klein as Deputy Minister of Home Affairs; Dr. Jewel Bronaugh as Deputy Secretary of Agriculture; Andrea Palm as Deputy Secretary of Health and Human Services; Polly Trottenberg as Deputy Minister of Transport; Cindy Marten as Deputy Secretary of Education; and Gary Gensler as chairman of the Securities and Exchange Commission.
‘Our government will provide the basis for immediate, urgent relief to Americans; encountering the overlapping crises of COVID-19, the historic economic downturn, systemic racism and inequality, and the climate crisis; and to make this government work for the people, ”Biden said.
“These tireless civil servants will be an important part of our agenda to build better – and I am confident that they will help make meaningful changes and move our country forward,” he said in a statement. .
“To meet the unprecedented challenges facing the American people, we need deeply experienced and knowledgeable leaders in our government,” the elected vice president said. Kamala Harris.
“These remarkable civil servants reflect the best of our country, and they will help us curb this pandemic, create an economy that works for working people, and rebuild our country in a way that enhances all Americans.” and Biden and I look forward to working with them to deliver results for the American people, ‘she said.
