WASHINGTON: The Senate on Thursday narrowly approved President Biden’s choice to run the Consumer Financial Protection Bureau, giving the bureau a director likely to play an aggressive surveillance role similar to the agency operated under former President Obama. keeps.
Rohit Chopra’s nomination was approved 50-48, with Vice President Kamala Harris having to cast a tie-breaking vote to end the first debate. Republicans united against Chopra.
Prior to his approval, Chopra held one of the Democrat seats on the Federal Trade Commission, often using his position to publicly advocate for higher penalties and enforcement against companies wronged. The then-GOP-controlled Senate unanimously confirmed Chopra for its FTC commissioner job in 2018, a point Democrats made during a debate about his nomination when it became clear that no Republican would approve him this time. will not vote for
Chopra, 39, also held several high positions in the CFPB during the Obama administration, including the top job handling student loan issues.
Chopra has a long history of protecting consumers, said Senate Banking Committee Chairman Sherrod Brown, D-Ohio Sen.
Chopra is the third permanent director of the CFPB since the bureau was created by the Dodd-Frank Act, a law passed after the 2008 financial crisis that transformed the entire banking and financial system. Kathy Kraninger, who was former President Donald Trump’s choice to run the bureau, was asked by President Joe Biden to resign on his first day in office.
During the Trump administration, the CFPB significantly reduced its enforcement functions in both number and size, and this removed concerns within the bureau such as reasonable lending to very small positions. This was in stark contrast to how the bureau was run under the Obama administration, where it aggressively collected fines from banks and credit card companies and caused billions of dollars in damages to borrowers.
President Biden’s choice for the CFPB’s acting director, Dave Yugio, has used his position to swiftly return the bureau to its original mission.
Republicans have long held an ideological opposition to the CFPB, because it is structured with a single director and because it is funded through the Federal Reserve rather than through the traditional congressional appropriations process. This criticism subsided somewhat when Kraninger ran the bureau because of its more business-friendly approach.
“I am deeply concerned that Commissioner Chopra will return the CFPB to a lawless, extremist, overly politicized agency,” Sen. Pat Tommy of Pennsylvania, the ranking Republican on the Senate Banking Committee, said in protest of his speech. Enrollment.
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