January 18, 2021

Elizabeth Warren gushes over Biden’s SEC, consumer protection choices

Elizabeth Warren gushes over Biden's SEC, consumer protection choices


Sen. Elizabeth Warren lauded two of President-Elect Joe Biden’s administration picks on Monday, suggesting the pair would help crack down on Wall Street.

“For too long, our banking regulators have behaved like they work for the financial institutions they regulate — not the American people,” Warren wrote on Twitter. “But big change is coming. President-elect Biden couldn’t have made two better picks to lead the SEC and [Consumer Financial Protection Bureau]: Gary Gensler and Rohit Chopra.”

Biden tapped Gary Gensler to lead the Securities and Exchange Commission and Rohit Chopra to head up the Consumer Financial Protection Bureau. Both of them are viewed as having progressive views on economic policy.

Warren, D-Mass., called Gensler a “tenacious regulator,” noting that she had previously worked with him during the 2008 financial crisis.

WARREN PRESSES FED CHAIRMAN ON NEED TO CANCEL STUDENT LOAN DEBT

Gensler previously served as chair of the U.S. Commodity Futures Trading Commission during the Obama administration and worked in the U.S. Treasury Department during President Bill Clinton’s tenure.

He has also worked for Goldman Sachs and taught at the Massachusetts Institute of Technology, where he conducted research on digital currencies.

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Warren knows Chopra from the CFPB, a regulatory agency that she helped create.  The pair helped launch the bureau together under President Barack Obama, after which Chopra went on to serve as assistant director. In that role, he oversaw the CFPB’s student loan agenda.

Chopra, who was sworn in as Federal Trade Commissioner in 2018, has deep experience in the student loan industry, which some view as a good sign for a potential student debt relief policy under the Biden administration.

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